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Mahadevan Viswanathan

Exempt LIC moneyback u/s 10(10 D)...
Hi Amalan.
Your videos are very useful.
This is regarding Exempted income from Maturity of insurance in ITR-1
But for Assessment Y 2018-19 I find in ITR-1 online form that under Exempt income details in the verification page, one has choice of separate entry for section 10D. As I can understand, the...
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Amlan Dutta
Yes, you can...there is no restriction of 5000 rupees for exempt income ...glad you could infer the same ...you can show your exempt proceeds under section 10 (10D) ....
  • June 25, 2018
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Krishna Kumar

Exempt LIC moneyback u/s 10(10 D)...
I have a money back insurance policy from LIC in which i get Rs 25000/- in every four years. In Mar 2018, i received Rs 25000 from LIC. My policy maturing on 2023. I am Govt employee in 20% tax slab and filed ITR 1 previous year. Now, question arises , is this Rs 25000 is taxable OR if it is e...
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Amlan Dutta
If policy taken after 1st April 2012 and premium doesn't exceed 10% of sum assured , then the money back received shall be exempt under 10(10D ) ...

Say , if sum assured is 100 Rs ( just giving example), then the annual premium for a policy taken after 1st April 2012 must not exceed 10 Rs

Declare su...
If policy taken after 1st April 2012 and premium doesn't exceed 10% of sum assured , then the money back received shall be exempt under 10(10D ) ...<br /><br />Say , if sum assured  is 100 Rs ( just giving example), then the annual premium for a policy taken after 1st April 2012 must not exceed 10 Rs <br /><br />Declare such income in exempt income reporting section under section 10(10 D ) .......<br /><br /><br /><br />( if policy take  before 1st April 2012 , then the premium must not exceed 20 % of the sum assured)...if the premium exceed the percentages mentioned above , the whole of the amount is taxable and to be offered as income under other sources!<br /><br /><br />Youtube link - https://www.youtube.com/watch?v=P1ANfXsSCegIf policy taken after 1st April 2012 and premium doesn't exceed 10% of sum assured , then the money back received shall be exempt under 10(10D ) ...<br /><br />Say , if sum assured  is 100 Rs ( just giving example), then the annual premium for a policy taken after 1st April 2012 must not exceed 10 Rs <br /><br />Declare such income in exempt income reporting section under section 10(10 D ) .......<br /><br /><br /><br />( if policy take  before 1st April 2012 , then the premium must not exceed 20 % of the sum assured)...if the premium exceed the percentages mentioned above , the whole of the amount is taxable and to be offered as income under other sources!<br /><br /><br />Youtube link - https://www.youtube.com/watch?v=P1ANfXsSCeg
  • June 3, 2018
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