How to show exempt Money back LIC pension amount in ITR | U/s 10 (10D)| Krishna Kumar
Project - #makeknowledgefree
Dear Amlan,
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 exempt from taxes then under which section shall I show in exempt head of ITR 1.
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(10 ) ...Declare such income in exempt income reporting section .......( 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!
Comments
Post a Comment