Hie all,
If we get some money, for an LIC policy (20 years policy) (on Maturity or any other reason), is this amount Taxable ?
And if we go to Bank For an Fixed Deposit of this amount, Should we show them the source of this money ?
Gurram Srikanth 29 August 2015
Hie all,
If we get some money, for an LIC policy (20 years policy) (on Maturity or any other reason), is this amount Taxable ?
And if we go to Bank For an Fixed Deposit of this amount, Should we show them the source of this money ?
Kumar Doab (FIN) 29 August 2015
Maturity Proceeds of Life Insurance Policy ( LIC in your case) are not subjected to TDS and don’t have ITax liability. Once the proceeds are deposited in Bank and accrue interest income then that income should be computed in total income.
Interest from FDR and even SB a/c should be computed in total income and tax liability should be asses on total income.
Show everything and all documents to your I tax lawyer/CA, for better assessment and advise.
advocatepassy@gmail.com 971794 (Advocate) 04 September 2015
Amount revived in maturity is not subjected to TDS but the interest which you will earn from this amount will be taxable.
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