Hi,
I have surrendered a LIC policy that I bought in 2002. As a result, I have received some surrender amount from LIC this FY. Is this taxable in this FY?
Regards,
Praveen
Praveen Athanki (PM) (62 Points)
03 December 2012Hi,
I have surrendered a LIC policy that I bought in 2002. As a result, I have received some surrender amount from LIC this FY. Is this taxable in this FY?
Regards,
Praveen
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 03 December 2012
Proceeds received from an insurance compay relating to Life Insurance is fully exempt u/s 10(10D) of the I-T Act.
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