POSTED BY October 1, 2013 9:44 pm COMMENTS (4)
ONThis is with regard to our recent correspondence on standing up a policy. I surrendered it and received payment from LIC on my own policy (policy taken before 2011-12, premium < 10% of SA). Is it taxable under Sec 10(10D)?
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Dear Mukesh, as you surrednered after completing at least 5Y in traditional policy, the surrender amount is non taxable.
Thanks
Ashal
Dear Ashal
This was a 16-year endowment policy, of which I paid for 8 years. On surrender, I received Rs 30,000 less than the premiums paid.
Dear Ashal,
I am planning to surrender couple of ULIP & couple of traditional plan like Jeevan Saral & forgot the other name. What is the tax implication here?
Dear Mukesh, how many years old was this policy? Was this a traditional plan or ULIP?
Thanks
Ashal