02 May 2019
I have this above policy taken on 24/06/2014. Yearly premium Rs 5 lac. 5 years are getting completed on 24/06/2019. I have paid yearly premium regularly
I am planning to surrender the policy after 24/06/2019
Is the surrender proceed taxable? Please adv. Thanks
02 May 2019
The surrender value generally does not contains any additional premium. in such case, you are getting back what you have already paid. Since the amount returned is not containing any income, it should not be taxable.
CAclubindia
