POSTED BY April 30, 2013 12:04 pm ONE COMMENT
ONPlease help me.
1. I have a RD of 5 years 1000rs/month. The total amount, including Interest, I will get, do I need to pay Tax on whole amount?
2. I had an ULIP of 5Yrs payment schedule. I stopped that after 2yrs of payment. They told I will get the money after 5 yrs which would be around 60% of what I paid approx. So do I need to pay TAX on that received money? NOTE : I didnot mention that ULIP in 80c in those two respective FYs.
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Dear Finance Student, I’m trying to answer your queries.
1. Only the interest part is taxable. For example against the basic investment of 60000 Rs. (1000*60 month), if the maturity amount is 90000 Rs. the interest part of 30000 Rs. is taxable. It ‘ll be added into your income from all other sources & ‘ll be taxed at your slab rate.
2. The surrender amount is tax free to you.
Thanks
Ashal