Investment in LIC Grouth fund is exempt or not?

[PRAMOD JHA]

We have invested Rs. 100,000/- (One Lac) in LIC grouth fund .

Pl. suggest, It will exempt from Taxable Income or not.

[Surender Gupta]

Section 10(10D) provides some restrictions on Sum received in respect of insurance policies.

Please visit section 10(10D) and see whether your case falling within the provisions of this section.

AI Summary

Insurance policy receipts may be exempt under Section 10(10D) subject to statutory restrictions and applicability review. Exemption of sums from a LIC growth fund depends on the applicability of Section 10(10D); the advisor directed the investor to examine that provision because it contains the restrictions and exceptions that determine whether amounts received under an insurance policy are taxable or exempt.