taxability over payment received from future plus plan of lic

SATYA (Querist) 22 July 2008 This query is : Resolved
My client received sum after surrendering policy of future plus of lic of india. The sum was received after 2 years. What I want to know is whether ths same is taxable or exempted u/s 10(10D. Advice me urgent

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SATYA (Querist) 22 July 2008
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Guest (Expert) 22 July 2008
It is exempt under section 10(10D) in the year of receipt.

SANJAY DIXIT (Expert) 22 July 2008
Any sum received under a LIC policy including the sum allocated by way of bonus on such policy, is exempted from Income Tax U/s 10(10D).

Adv. Sanjaykumar Sharma (Expert) 22 July 2008
Yes you client is entitled for exemption U/s. 10 for clearing the doubt pl.verify the scheme of the policy.

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