Maturity of policy of hdfc progrowth maxmizer plan
This query is : Resolved
09 August 2016
Dear Sir,
i purchase a HDFC PRO GROWTH MAXMIZER PLAN RS 300000/- and i surrender it is Rs 377000/- after five year in 2006 ,and insurance company diducted tds @2%, is this taxable income , IF yes under which head of income.
Pls suggest me as soon as possible.
thanks
i purchase a HDFC PRO GROWTH MAXMIZER PLAN RS 300000/- and i surrender it is Rs 377000/- after five year in 2006 ,and insurance company diducted tds @2%, is this taxable income , IF yes under which head of income.
Pls suggest me as soon as possible.
thanks
09 August 2016
If the insurance policy you have taken comes in the nature of ULIP then it is exempt and you can get back the TDS deducted by showing the amount you received as exempt, if not you should disclose the proceeds under the head other sources.
10 August 2016
3,77,000 is taxable under 'income from other sources'. Inference corollary to section 10(10D) and 194DA.
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