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Surrender Value of Life Ins. Policy

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(Querist)
23 July 2010 I want to know whether the surrender value of a life insurance policy is taxable or not? Please help me!
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
23 July 2010 Not taxable. Exempted under section 10(10D) of the Income tax Act,1961.
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srinath

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srinath (Expert)
23 July 2010 any amount recd from LIC is exempt... tat is even the maturity proceeds are exempt. so surrender value cannot be taxed
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CA. BIJENDER KR. BANSAL

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CA. BIJENDER KR. BANSAL (Expert)
23 July 2010 AGREED WITH EXPERTS.

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