The single payment of LIC Rs.25,00,000 made by parents in the name of Mr. A when he was minor , when the policy amount Recieved after maturity MR. A is major .
In whose hands the matured policy amount is taxable?
harika (student) (31 Points)
28 March 2022The single payment of LIC Rs.25,00,000 made by parents in the name of Mr. A when he was minor , when the policy amount Recieved after maturity MR. A is major .
In whose hands the matured policy amount is taxable?
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 28 March 2022
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 28 March 2022
JJJ
(Need help)
(673 Points)
Replied 28 March 2022
Originally posted by : sabyasachi mukherjee | ||
![]() |
It is taxable in the hands of proposed. | ![]() |
Who is "proposed" ?
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 28 March 2022
Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Sandesh surrendered the policy on maturity on 16 September 2019. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.