05 March 2018
Thanks for response.... but one more i want to tell you that there is premium paid (one time) more than 10% of sum of amount matured at the time of surrendered....
05 March 2018
Not taxable. The Rule is that the Insurance cover be minimum 10 times the premium paid. If it is minimum 10 times, then the premium amount cannot be more than 10% of the sum assured/surrendered
06 March 2018
Sir, but it is pension plan and it is surrendered before maturity, so isn't it considered in taxable income....? e.g, i had paid Rs.500000/- lump sum in feb 13 and taken pension plan in icici and due to some reason in feb 18 i surrendered the plan and gets Rs.900000/- .... so this 9 lakh is taxable or tax free ?
09 April 2018
i had paid Rs.500000/- lump sum in pension plan in icici and due to some reason in feb 18 i surrendered the plan (note: lock in period 5 year +) and gets Rs.900000/- .... so this 9 lakh is taxable or tax free ?
CAclubindia
