07 September 2019
Policy Purchased in 2007 for Rs.25,000/- and Surrendered in 2018 for 50,000/- (Holder is a NRI) How the Gain of Rs.25,000/- will be treated under Income Tax. I) In Other Income whole of Rs.50,000/- 2) In other Income Gain of Rs.25,000/- 3) Tax Free in Hands of Buyer as held for more than 11 Year, OR 4) Being NRI it will be Taxed. 5) If taxed, @! what Rate and What u / s. of Income Tax Act.
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