taxability over payment received from future plus plan of lic

This query is : Resolved 
 

(Querist)
22 July 2008

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

100



SATYA (Querist)
22 July 2008

100





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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