Income tax calculation on LIC Future Plus ?

POSTED BY cbrao ON December 13, 2014 1:09 pm COMMENTS (4)

I paid 1-time premium on lic future plus in 2006 and redeemed in 2014. For tax purposes, will the return be treated as normal income tax or as tong term capital gain tax?

4 replies on this article “Income tax calculation on LIC Future Plus ?”

  1. You dont have to pay tax on it as its a redemption from insurance product !

    1. cbrao says:

      Thank you for the response. I got conflicting inputs from different persons – it is taxable or not taxable etc. and needed clarification.

      1. There wont be any tax to be paid , as its after 5 yrs of purchase ! ..

        However there might be a TDS involved if its not a pure insurance policy and hence you might have to recover it back by filing a refund

        1. cbrao says:

          Thank you for the further clarification.

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