Lic Policy Amount Sec 194da Taxable Or Exempted


Anonymous
watch_later 1 month ago

Sir,

I.t Assess lic policy sum assured Rs:6,95,000/-

Single premium paid Rs:501804/- on Dt:12-08-2013.

Dt:12-08-2016 lic interest amount Rs:104250/-

Dt:12-08-2019 Lic interest amount received Rs:104250/-

Dt:12-08-2022 lic interest amount Rs:104250/-+501804/-  received.

My question lic interest amount Rs:104250/- Tds deducted(1%) 1042 net amount rs:103208 transfer bank account credit in f.y 19-20 sec 194da provision in I.t. act.

Question:

Assess lic amount taxable or exempted in I t.act .

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