LICs Bima Bachat Survival Benefit Taxable or not.

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nayan prajapati

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Aug 29, 2011, 2:46:18 AM8/29/11
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Dear Sir,

Can tell anybody, in Bima Bachat, every three years survival benefit is taxable as per income tax or not. any body is having suporting for accepted by Income tax auothrity as Tax free. Please reply.
 
 
 
Thanks and Regards,
 
NAYAN J.PRAJAPATI
MDRT(2011),USA.
Insurance & Finance Consultant
Niru Insurance & Finance Consultancy. 
Cell no : 9321025267    E_mail  : nyn_...@yahoo.co.uk 
LIC… Why go anywhere else?

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vivekve...@gmail.com

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Aug 29, 2011, 2:50:38 AM8/29/11
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Dear Mr Nayan,

Survival benefits of all policies of LIC are non-taxable.

I don't have the documentary proof with me now, but I'll try my best for the same.

Rgds
Vivek

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From: nayan prajapati <nyn_...@yahoo.co.uk>
Date: Mon, 29 Aug 2011 07:46:18 +0100 (BST)
Subject: (LIAFICHARY:5183) LICs Bima Bachat Survival Benefit Taxable or not.

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nayan prajapati

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Aug 29, 2011, 2:54:03 AM8/29/11
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Dear Mr. Vivek,

Thank you very much for your reply.

As per income tax section, 80C, with rule of 5 times of sum assured is not satisfying in this plan and u/s. 10-10-D, it wont be called as tax free. you have more detailed information pls. give.

 
 
 
Thanks and Regards,
 
NAYAN J.PRAJAPATI
MDRT(2011),USA.
Insurance & Finance Consultant
Niru Insurance & Finance Consultancy. 
Cell no : 9321025267    E_mail  : nyn_...@yahoo.co.uk 
LIC… Why go anywhere else?

When you want more time to take correct decision , Then remember :

 

"EVEN A CORRECT DECISION IS WRONG WHEN IT'S TOO LATE.

 
=======================================================================
Concrete Your Dreams Like…

Children Education & Marriage

Asset Creation

Retirement Income
Dream House

Loan Protection
Tax Planning & Financial Advisor

Employer – Employee Relation Scheme
Group Gratuity , Pension & Term Insurance
========================================================================


From: "vivekve...@gmail.com" <vivekve...@gmail.com>
To: liafis...@googlegroups.com
Sent: Mon, 29 August, 2011 12:20:38
Subject: Re: (LIAFICHARY:5184) LICs Bima Bachat Survival Benefit Taxable or not.

vivekve...@gmail.com

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Aug 29, 2011, 2:59:37 AM8/29/11
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Dear Mr Nayan,

Section 80C deals with qualification for deduction from taxable income. The investment in this plan does not qualify for 80C. However, second 10(10D) will still apply as the payment recd will be treated as maturity proceedings from LIC.


Rgds
Vivek

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From: nayan prajapati <nyn_...@yahoo.co.uk>
Date: Mon, 29 Aug 2011 07:54:03 +0100 (BST)
Subject: Re: (LIAFICHARY:5185) LICs Bima Bachat Survival Benefit Taxable or not.

AMIT PALIWAL

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Aug 29, 2011, 2:59:57 AM8/29/11
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Money backs are Tax Free but Maturity is taxable.

Sent from Mobile Phone.

AMIT PALIWAL
9899126388

vivekve...@gmail.com

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Aug 29, 2011, 3:04:10 AM8/29/11
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Dear Amit ji,

The other day, we'd a plan presentation on Bima Bachat in my office. In that, it was clearly mentioned that mty will be tax free.

If u've any circular reg this, pls forward as its very imp that we all should know the exact picture. In the meantime, I also re-confirm from branch.

Rgds
Vivek
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patil...@yahoo.com

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Aug 29, 2011, 3:11:34 AM8/29/11
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Pl refer sec. 10 10D it says if risk cover is less than 5 times ....maturity will be taxable....this has been amended from year 1.4.2004....plans like aastha...as they are with 5 times risk cover maturity will be tax free

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Date: Mon, 29 Aug 2011 06:59:37 +0000
Subject: Re: (LIAFICHARY:5186) LICs Bima Bachat Survival Benefit Taxable or not.

insurenurse

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Aug 29, 2011, 3:17:30 AM8/29/11
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Please remember that LIC or any other insurance company does not speak anything about taxation. It says please refer to you CA for correct taxation.

Please remember that from 01/04/2004 IT Act 10(10(d)) has been changed.

It says “ Any LIFE Insurance Premia if it exist 20% of SA, then Proceedings are Taxabale”. Please not the word Proceedings. It does not say SB/Maturity. This means that any money received will be TAXABLE.

 

So all Single Premium  and policy where premium is more then 20% of SA, all the money received is taxable.

 

HENCE BIMA BACAHT IS TAXABLE.

SO SELL 178/10/6. SINLGE PAYMENT WITH 1 CURRENT AND 5 ADVANCE AND RECIVE MONEY TAXFREE AND MORE COMMSSION TO US.

 

 

THANX

 

From: liafis...@googlegroups.com [mailto:liafis...@googlegroups.com] On Behalf Of nayan prajapati
Sent: Monday, August 29, 2011 12:16 PM
To: liafis...@googlegroups.com
Subject: (LIAFICHARY:5183) LICs Bima Bachat Survival Benefit Taxable or not.

 

Dear Sir,

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vivekve...@gmail.com

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Aug 29, 2011, 3:30:49 AM8/29/11
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Dear Group,

Pls clarify that does this apply in case of policy's revival also. For eg- a policy is revived after 4 yrs, and the total revival prm is more than 20% of sum assrd, and say the policy is taken after 1.4.2004, will the mty or S/B taxable or not.


Rgds
Vivek

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From: "insurenurse" <insur...@gmail.com>
Date: Mon, 29 Aug 2011 12:47:30 +0530
Subject: RE: (LIAFICHARY:5190) LICs Bima Bachat Survival Benefit Taxable or not.

insurenurse

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Aug 29, 2011, 3:42:00 AM8/29/11
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Yes that is worst part of it. In case of revival also this rule applys.

nayan prajapati

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Aug 29, 2011, 3:48:38 AM8/29/11
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Dear Friends,

As per my knowledge, In bima bachat, On maturity Principal amount is refunded with l.a. so principal amount is taxfree and l.a. may be calculated for long term capital, but my question is about survival benefit. 
Thanks and Regards,
 
NAYAN J.PRAJAPATI
MDRT(2011),USA.
Insurance & Finance Consultant
Niru Insurance & Finance Consultancy. 
Cell no : 9321025267    E_mail  : nyn_...@yahoo.co.uk 
LIC… Why go anywhere else?

When you want more time to take correct decision , Then remember :

 

"EVEN A CORRECT DECISION IS WRONG WHEN IT'S TOO LATE.

 
=======================================================================
Concrete Your Dreams Like…

Children Education & Marriage

Asset Creation

Retirement Income
Dream House

Loan Protection
Tax Planning & Financial Advisor

Employer – Employee Relation Scheme
Group Gratuity , Pension & Term Insurance
========================================================================


From: AMIT PALIWAL <amit...@yahoo.com>
To: "liafis...@googlegroups.com" <liafis...@googlegroups.com>
Sent: Mon, 29 August, 2011 12:29:57
Subject: RE: (LIAFICHARY:5187) LICs Bima Bachat Survival Benefit Taxable or not.

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insurenurse

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Aug 29, 2011, 4:06:00 AM8/29/11
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Please note that LIC does not refund your premiums. Please check the maturity statement. It says SA + BONUS +FAB/Loyalty. No premium is mentioned hence txaable

 

From: liafis...@googlegroups.com [mailto:liafis...@googlegroups.com] On Behalf Of nayan prajapati


Sent: Monday, August 29, 2011 1:19 PM
To: liafis...@googlegroups.com

nayan prajapati

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Aug 29, 2011, 4:48:00 AM8/29/11
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Dear Friend,

I am talking about Bima bachat maturity amt. return of premium excluding extra premium with l.a. if any.
 
 
Please feel free to contact me  for any clarification or query you may have.
 
Thanks and Regards,
 
NAYAN J.PRAJAPATI
MDRT(2011),USA.
Insurance & Finance Consultant
Niru Insurance & Finance Consultancy. 
Cell no : 9321025267    E_mail  : nyn_...@yahoo.co.uk 
LIC… Why go anywhere else?

When you want more time to take correct decision , Then remember :

 

"EVEN A CORRECT DECISION IS WRONG WHEN IT'S TOO LATE.

 
=======================================================================
Concrete Your Dreams Like…

Children Education & Marriage

Asset Creation

Retirement Income
Dream House

Loan Protection
Tax Planning & Financial Advisor

Employer – Employee Relation Scheme
Group Gratuity , Pension & Term Insurance
========================================================================


From: insurenurse <insur...@gmail.com>
To: liafis...@googlegroups.com
Sent: Mon, 29 August, 2011 13:36:00
Subject: RE: (LIAFICHARY:5195) LICs Bima Bachat Survival Benefit Taxable or not.

subramanyam naidu

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Aug 30, 2011, 12:56:07 AM8/30/11
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Sir, All S.B payments are tax exempted no need of proof.
 
gsnaidu
9849241097

--- On Mon, 29/8/11, nayan prajapati <nyn_...@yahoo.co.uk> wrote:

From: nayan prajapati <nyn_...@yahoo.co.uk>
Subject: (LIAFICHARY:5183) LICs Bima Bachat Survival Benefit Taxable or not.

Asset Creation

Retirement Income
Dream House

patil...@yahoo.com

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Aug 30, 2011, 1:11:58 AM8/30/11
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How can you say....without proff
Contact any of ca....he will about tax liabilities
When you recommend clients.....you must be 100% sure.

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From: subramanyam naidu <gorant...@yahoo.co.in>
Date: Tue, 30 Aug 2011 10:26:07 +0530 (IST)
Subject: Re: (LIAFICHARY:5207) LICs Bima Bachat Survival Benefit Taxable or not.
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