Mihir Tanna |961 Answers |Ask -Follow
Tax Expert - Answered on Sep 06, 2022
In my layman’s understanding, my income from this policy is Rs 11,1348 minus single premium of Rs 9,7048, that is, Rs 14,300. But LIC is deducting TDS by adding the two survival benefits to this, that is, Rs 14,300 plus Rs 19,500 plus Rs 19,500 amounting to Rs 53,300. My question is, should I report Rs 14,300 or Rs 53,300 as my income from this policy while filling my ITR. AIS shows Rs 53,300.
As premium paid by you is more than specified limit of sum insured, provisions related to exemption of amount received and deduction of premium paid is not available.
Accordingly, you have to pay tax on entire income i.e. survival benefit and amount received above amount paid by you i.e. Rs 53,300.
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