IS the matured money of LIC taxable..?

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IS the matured money of LIC taxable..?

I mean let's say i have put in amount x every year for 10 years in LIC of India. Next at the end of 10th year i get amount 20x. Do i have to pay taxes on this 20x.

2006-11-10 02:06:10 · 4 answers · asked by Sachi 1 in Business & Finance ➔ Taxes ➔ India

4 answers

No. It is considered as capital receipt & no tax is levied on receipt of the maturity value.

2006-11-10 02:11:43 · answer #1 · answered by Runofthemill 2 · 0⤊ 0⤋

As on date it is not taxable. however if the government is keen to tax some of the benefits (rebates in tax) at the time of withdrawal, then it may become taxable at the time of withdrawal.

2006-11-10 10:14:47 · answer #2 · answered by cvrk3 4 · 0⤊ 0⤋

not yet taxable

2006-11-12 07:42:10 · answer #3 · answered by SWAPAN 2 · 0⤊ 0⤋

not as yet

2006-11-10 10:24:43 · answer #4 · answered by scorpionzin 1 · 0⤊ 0⤋