Is ulip exempt?? urgent

mannu (1/2 CA) (589 Points)

09 March 2013  

HELLO FRINDS 

I WANT TO ASK ONE QUERY. I HAVE  TAKEN ULIP IN 2006 WITH 3 YEAR LOCK IN PERIOD THE POLICY WAS FOR 10 YEAR. NOW I WANT TO SURRENDER MY POLICY .SURRENDER AMOUNT IS AROUND 200,000/- WHICH IS BASED ON FUND VALUE I.E NAV

PLEASE TELL IS IT TAXABLE OR EXEMPT? WITH EXPLANATION & SECTION >

THANKS & REGARDS 

MANNU