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taxability over payment received from future plus plan of lic

(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
SATYA (Querist) 22 July 2008

SATYA (Querist) 22 July 2008

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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