Taxability of cash option of jeevan dhara policy
This query is : Resolved
21 May 2012
New Jeevan dhara is deferred annuity plan (Pension policy) by LIC of India, under which after 11 years annuitant has option to receive cash payment equal to notional cash option in lieu of payment of annuity.
Whether such notional cash option is taxable under income tax act, 1961.
Whether such notional cash option is taxable under income tax act, 1961.
27 May 2012
Yes. This is taxable.
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