TaxTMI 
TaxTMI 
We have invested Rs. 100,000/- (One Lac) in LIC grouth fund .
Pl. suggest, It will exempt from Taxable Income or not.
Investment in LIC Grouth fund is exempt or not?
02 Mar 2011 
1 Reply 
1316 Views Asked by
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. (AI Summary)
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. (AI Summary)