Taxability of lifeinsurance policy
This query is : Resolved
Querist : Anonymous
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..?
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..?
04 January 2013
The amount is exempt under section 10(10D).
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