Need Tax Implication for ULIP surrender

POSTED BY K Patel ON September 21, 2014 10:30 pm NO COMMENTS

Hi,

I have paid 1L over 5 years(5K quaterly) across 6 Financial years.

First Premium of 5000 was paid in Sep 2008 and last in Jun 2013.

So per financial year tax exemption claim are for:

2008-2009 15000
2009-2010 20000
2010-2011 20000
2011-2012 20000
2012-2013 20000
2013-2014 5000

Now the fund value is 1.3L

Now if I withdraw the amount in Nov 2014.  I would have completed 6+ years with the policy. Will I be liable for any Tax for previous years? and also for the 30K I am profiting?

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