Maturity of policy of hdfc progrowth maxmizer plan

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praveen kumar (Querist)
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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

pavannuli

pavannuli (Expert)
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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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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