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income tax on lic maturity

Income Tax - Started By: - satbir singh wahi - Dated:- 2-1-2016 Last Replied Date:- 8-1-2016 - One time LIc premium Nov 2004 ₹ 575000Maturity Amount ₹ 970000 received on Jan 2015 TDS ₹ 19500What is taxable amount. - Reply By Ganeshan Kalyani - The Reply = Lic maturity amount should be tax free u/s 10 (10D). 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 .....

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