Home > Money > Question
Need Expert Advice?Our Gurus Can Help

Should I pay tax on my LIC and Max Life annuity income of ₹297,000?

Vivek

Vivek Lala  | Answer  |Ask -

Tax, MF Expert - Answered on Feb 11, 2025

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more
Chander Question by Chander on Feb 10, 2025Hindi
Listen
Money

I am getting monthly annuity of 10000 from Max and I have received Rs177800 maturity amount from LIC and total become 297000. Is this amount of LIC & Max annuity taxable. I don't have any other income exept interest in saving account.

Ans: Annuity payouts are generally taxable as income under the head 'Salaries' in the year they are received so if your income from salaries and interest is below the taxable limit then no tax
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Latest Questions
Dr Dipankar

Dr Dipankar Dutta  |1291 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on May 19, 2025

Dr Dipankar

Dr Dipankar Dutta  |1291 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on May 19, 2025

Dr Dipankar

Dr Dipankar Dutta  |1291 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on May 19, 2025

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x