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
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.
CAclubindia
