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income tax on lic maturity, Income Tax |
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income tax on lic maturity |
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One time LIc premium Nov 2004 ₹ 575000 Maturity Amount ₹ 970000 received on Jan 2015 TDS ₹ 19500 What is taxable amount. Posts / Replies Showing Replies 1 to 5 of 5 Records Page: 1
Lic maturity amount should be tax free u/s 10 (10D). Please check with the branch.
Since the single premium exceeds 10% of sum assured . The maturity Rs, 970000 will be taxable as tds deducted also.also.
Pls guide whether taxable amount will be 970000 or 395000 (970000-575000) i.e maturity amount less premium paid
Sir PLs reply to query
In my view entire maturity amount will be the taxable amount for TDS purpose and not the net amount because on the premium amount so paid you have already benefited under section 80C at the time of investment. Hence no dual benefit and total maturity is subject to tax. Thanks. Page: 1 Old Query - New Comments are closed. |
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