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Sanjeev Govila |458 Answers |Ask -Follow

Financial Planner - Answered on Nov 11, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more

Question by Aditya on Nov 02, 2023Hindi

Money

Sir, I have Jeevan Anand Policy of LIC that is matured in Oct'23 and I have received Maturity Amount of Rs. 2.12 L. Is it taxable income and required to show in my ITR. Please reply

Ans: The LIC Jeevan Anand policy provides tax benefits to the insured individuals on the premium paid, as well as on the claims that are received.

This benefit is applicable under Section 80C and Section 10(10D) of the Income Tax Act. Any income received by you is required to be reflected in the ITR, even if tax-free, in the suitable column of ITR.

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.

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Asked by Anonymous - Oct 15, 2023Hindi

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My Jeevan Anand LIC policy will mature next year. I do not wish to continue the policy till death but would like to withdraw this additional amount along with maturity amount. Please let me know how much additional amount I will get along with the maturity amount. The policy is of Rs 10 lakhs.

Ans: And this policy was for what period. Best is you can put this query to your insurance agent or get it from your policy servicing branch

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Question by Satya - May 26, 2024Hindi

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I receive LIC annuity monthly. Total annual amount will be around 1.5 lakhs . In ITR where it should be shown. Can I get tax free

Ans: Broadly there are two types of Life Insurance Policy (1) ULIP (2) others
[ULIP insurance plan offers the dual benefit of investment to fulfil your long-term goals, and a life cover) and other policies]

1. ?P?olicy taken ?before 1st February 2021

The amount received on the maturity of your ULIP is free from tax as per section 10(10D) of the Income Tax Act, 1961?, if the ?amount of premium? paid is less than 10% of the sum assured you will receive? [For the ULIPs that are purchased before April 2012, the rate is 20%?].

2. ??P?olicy taken ?on or After 1st February 2021

After the amendments that were made with the 2021 budget, the returns from your ULIP will be taxed if the premium paid by you in a year exceeds Rs 2.5 lakhs.? ULIP proceeds will now be charged as a Capital gain (whether long-term or short-term will be decided by the tenure)

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Asked by Anonymous - Jan 29, 2025Hindi

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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.

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