Tax liability on surrendered value of lic

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

03 February 2012 dear sir,

i had a icici lifetime pention - II policy which i have surrendered on 19/04/2011.
Now i want to know the tax liability against surrendered value, premium paid to avail income tax benefits under section 80ccc(1)

i paid first yearly premium of this policy on 27/02/2005

thank you

Prof. Bajaj

Prof. Bajaj (Expert)
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03 February 2012 Since you have surrendered the policy after 6 years of purchase, there is no tax liability on you for whatever gains you have received from the surrender value.