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6 Lakh LIC Jeevan Mitra Plan 88 Matures in June 2025: Retired, No Other Income - Taxable?

Vipul Bhavsar |35 Answers |Ask -Follow

Tax Expert - Answered on Mar 09, 2025

Vipul Bhavsar is a chartered accountant from The Institute of Chartered Accountants of India. He has over 16 years of experience in corporate advisory, taxation and financial reporting.
His interest areas are consulting, income tax, GST and due diligence.
He founded his CA firm, V J Bhavsar and Associates, in 2010 through which he offers services like virtual CFO, trademark registrations, company /LLP formation, MIS reporting, audit, tax and TDS compliances, accounts receivable/payable management and payroll processing.... more

Asked by Anonymous - Mar 06, 2025Hindi

Money

Sir, My LIC jeevan mitra plan 88 endowment plan policy is maturing in jun 2025. I started in jun 2000 for 25 years. Total net amount is around 6 lakhs. I heard it is tax free under section 10(10d). Do i need to submit income tax return to claim uder this section ? Because i dont have any other income. I am retired.

Ans: If the maturity amount is reflected in your AIS, then it is advisable to file return even if you are retired and do not have any other income.
Vipul Bhavsar
Chartered Accountant

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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