Regarding surrender of LIC policy
Rohika PS (student) (263 Points)
29 July 2019
will it be taxable if lic amount is surrendered before maturity of policy?
2 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(183108 Points)
Replied 29 July 2019
Not always. Depends upon period of holding and compliance of other conditions u/s. 10(10D) of IT act.
Rohika PS
(student)
(263 Points)
Replied 29 July 2019
sir, for the taxability of amount received on surrender of the policy which amount to be taken as sum assured i.e.,either policy amount or surrender value????
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