Surrendered LIC Policy
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 July 2010
A person has surrendered his Life Insurance Policy & received an amount of Rs.24900/=. Whether this amount is taxable for the Assessment year 2010-11?
09 July 2010
If the policy is held for more than 2 years, an amount recived on surrender of the policy is exempt.
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