Surrender value of lic is exepmt from income tax ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2014
Dear Sir/Madam,
i want to know that LIC Surrender value is exempt from income tax? if not how much value shall be taxable in this case under IT act
i want to know that LIC Surrender value is exempt from income tax? if not how much value shall be taxable in this case under IT act
20 November 2014
depends on how long you held on to the policy before surrender.
20 November 2014
Amount received on surrender of Life insurance policy is exempt u/s 10(10D).
However deduction claimed u/s 80C in respect of premium paid on such policy shall be taxable in the following cases:
1. Terminates the policy within two years after the date of commencement of insurance, in case of any single premium policy.
2. Terminates the policy before premiums have been paid for two years in any other case.
3. Terminates a ULIP before 5 years
However deduction claimed u/s 80C in respect of premium paid on such policy shall be taxable in the following cases:
1. Terminates the policy within two years after the date of commencement of insurance, in case of any single premium policy.
2. Terminates the policy before premiums have been paid for two years in any other case.
3. Terminates a ULIP before 5 years
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- TDR receipts for agreement holder
- Inventory of finished goods
- Filing of Form 10BB instead of Filing Form 10B
- Company Incorporation - CA and directors signing from different states
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- Intimation wrongly states taxpayer has offerred u/s. 44ad & states probable resolutiton to do audit
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
