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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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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=P1ANfXsSCeg 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=P1ANfXsSCeg
  • June 3, 2018
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