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Home > Experts > Taxation > taxability over payment received from future plus plan of lic



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taxability over payment received from future plus plan of lic (Taxation)

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This query is : Resolved


Author : SATYA

Posted On 22 July 2008 at 12:31

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




Author : SATYA

Posted On 22 July 2008 at 12:32

100





Author : SATYA

Posted On 22 July 2008 at 12:32

100





Expert : Member (Account Deleted)

Posted On 22 July 2008 at 13:19

It is exempt under section 10(10D) in the year of receipt.



Expert : SANJAY DIXIT

Posted On 22 July 2008 at 14:58

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).



Expert : Adv. Sanjaykumar Sharma

Posted On 22 July 2008 at 21:26

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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