Hi Manish ,
We had taken a LIC Jeevan Sneha Policy in the year 1999 ( Now defunct) in my daughter’s name when she was 19 years old for a sum assured value of Rs 1.00 Lakh. On the advise of my daughter the survival benefits of Rs 20,000 each accrued on Oct 2004 and Oct 2009 were kept with LIC at 11% compound interest .
Now my daughter wants to claim her Survival Benefit due on Oct 2014 along with the earlier sums with interest accrued . The LIC Adyar branch in Chennai says TDS at 10.3% shall be deducted as per the union budget notifications 2014-15 even on providing her PAN details . Why can’t they accept from her form 15G as she is a home maker and not having taxable income and pay her dues in full . Please clarify on the budget notifications