Mr. X has surrendered his LIC policy and received the amount. Whether such amount is taxable?
Regards,
Devendra Kulkarni
1 Replies
Ritika Pundir
(CA)
(154 Points)
Replied 09 July 2012
Depends upon the type of policy, whether single premium or multiple and the period of termination.
Reference to the following may help:
/forum/lic-surrender-whether-capital-gain-or-other-sources-135599.asp#.T_p0g4cgfap
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