POSTED BY dkkatariya ON January 23, 2014 3:18 pm COMMENTS (2)
where we show LIC matured amount received(Tax free) in ITR-1 & please tell us money back LIC policies amount received(in 5 years) is Tax free or Not?
Thanks
Dear Dkkatariya, the amount is tax free received as money back. The LIC amount is to be reported as exempted income.
Ashal
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Thanks
Dear Dkkatariya, the amount is tax free received as money back. The LIC amount is to be reported as exempted income.
Thanks
Ashal