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3 months ago


Income tax query pertaining to LIC maturity proceeds (Hi ! I am LIC policy holder of single premium plan (sum assured : Rs 5 lakhs; policy term : 9 years) under which single premium of Rs 3.30 lakh was paid in Nov 2011. Thereafter, survival benefit of Rs 75000 each was received in 2014 and 2017. The policy matured in Nov 2020 with receipt of net maturity proceeds of Rs 3.77 lakhs. As per my form 26 AS for FY2021 (AY 2022) amount of Rs 2.05 lakhs is shown to be received from LIC against which TDS of Rs 7688 is booked. (2.05 L = 75k + 75k + 3.77L + 7688- 3.3 L) While filing ITR for FY2021 (AY2022), please let me know if I can show income of Rs 55000 (net of premium) against LIC maturity proceeds despite form 26AS showing income of Rs 2.05 lakhs.)


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