Surrender Value of Life Ins. Policy
This query is : Resolved
23 July 2010
I want to know whether the surrender value of a life insurance policy is taxable or not? Please help me!
23 July 2010
Not taxable. Exempted under section 10(10D) of the Income tax Act,1961.
Message likes :
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23 July 2010
any amount recd from LIC is exempt... tat is even the maturity proceeds are exempt. so surrender value cannot be taxed
23 July 2010
AGREED WITH EXPERTS.
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