Umang (Chartered Accountant) (71 Points)
14 July 2012Mr. A had invested rs. 55,000/- in Lic policy from 2001 to 2011 (5,000/- p.a.) (claim as deduction u/s 80C in respective year)
he has surrender his policy and got rs. 85,000/- in f.y.20011-2012.
is received amount taxable? if yes how much? is it 85000-55000 = 30, 000 or whole amount of rs. 85,000?
Sanket
(!..Live to Give..!)
(16427 Points)
Replied 14 July 2012
It will be completely tax-free under 10(10D) under the Income tax Act...........
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