Reg. lic maturity amount

parthabandhu guha (Querist) 28 November 2013 This query is : Resolved
Pl. advice in which column of ITR 2 I shall declare the Maturity amount of LIC policy.

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Kumar Doab (Expert) 28 November 2013
Amount received as maturity amount of Life Insurance policy including sum received as Bonus, is Tax Free u/s 10(10D) of IT Act.

Exceptions: If premium payable in any of the years exceeds 20% of the actual sum assured (Bima) in case of policy issued on or after 01 Apr,2003
And

Any sum received under sub section 3 of section 80DD or sub section 3 of section 80DDA

And
Any sum received under Keyman Insurance policy

LIC or any other Life Insurance Company issues a letter along with payment to this effect.

Rajendra K Goyal (Expert) 29 November 2013
Nothing more to add.

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