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Taxability of lifeinsurance policy

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 January 2013 I had purchased a life insurance policy from hdfc in 2004. My policy plan was "HDFC ULIP ENDOWNMENT PLAN". I had paid premium for the first 3 years and claim deduction u/s 80. I had paid total premium around rs 1050000.

My policy will mature in 2028. But I want to surrender the same. Its surrender value is around Rs. 16 to 17 lakhs.

Whether there will be any tax liability if i surrender the same in jan 2013.??

If yes then how much..?
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Pankaj Gupta

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Pankaj Gupta (Expert)
04 January 2013 The amount is exempt under section 10(10D).

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