income tax on lic maturity

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..... income tax on lic maturity
Query (Issue) Started By: - satbir singh wahi Dated:- 2-1-2016 Last Reply Date:- 8-1-2016 Income Tax
Got 5 Replies
Income Tax
One time LIc premium Nov 2004 S .....

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..... 77; 575000 Maturity Amount ₹ 970000 received on Jan 2015 TDS ₹ 19500 What is taxable amount. Reply By Ganeshan Kalyani: The Reply: Lic maturity amount should be tax free u/s 10 (10D). .....

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..... Please check with the branch. Reply By satbir singh wahi: The Reply: Since the single premium exceeds 10% of sum assured . The maturity Rs, 970000 will be taxable as tds deducted also.also. Reply .....

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..... By satbir singh wahi: The Reply: Pls guide whether taxable amount will be 970000 or 395000 (970000-575000) i.e maturity amount less premium paid Reply By satbir singh wahi: The Reply: Sir PLs .....

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..... reply to query Reply By Ganeshan Kalyani: The Reply: 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 hav .....

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..... e already benefited under section 80C at the time of investment. Hence no dual benefit and total maturity is subject to tax. Thanks.
Discussion Forum - Knowledge Sharing .....

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