How do I report LIC payouts in my ITR?
Live MintI purchased LIC’s Bima Bachat Plan 175 on 9 December 2013 after paying a single premium of ₹100,155. —Name withheld on request We understand that you had purchased a life insurance policy from LIC in 2013 and had made a one-time premium payment of ₹100,155 towards purchasing this policy. As per the proviso to section 10 of the Income-tax Act, 1961, any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, shall be taxable where policy is issued on or after 1 April 2012 and the premium payable in any of the year during the policy term, exceeds 10% of the sum assured. Thus, the sum received under the subject policy shall be taxable in your hands and no deduction under section 80C of the Act, is available towards the premium paid. In such case, the difference between the gross maturity proceeds received by you under the policy and the total premium paid, should be taxable as ‘income from other sources’ in your hands.
History of this topic
Income Tax Department claims record 6.77 crore ITRs filed till July 31 for Assessment Year 2023-24
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Income Tax Returns: Over 4.15 crore ITRs for fiscal 2019-20 filed till Dec 26
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