Taxability of receipt of surrender value of lic

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 February 2018 An individual assesse got surrender value of LIC New Bima Bachat before its maturity
during financial year 2016-17

Query is:

1 Whether it is taxable
2 Why it is received after deduction of TDS
3 How it shall be reported in ITR for A.Y. 2017-18

Arpit

Arpit (Expert)
Follow

22 February 2018 please specify the date of taking the policy, sum assured of the policy and the annual premium that you use to pay.

After understanding these information, answer can be provided.

Otherwise you can read, the article on the below mentioned link for further clarity

https://economictimes.indiatimes.com/tdmc/your-money/what-you-must-know-about-taxability-of-life-insurance-policy-payouts/tomorrowmakersshow/49657095.cms