tax on partial refund from ULIP/Life Time policies

Tax queries 437 views 1 replies
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Strategy
36 Points Joined July 2011

HI

Is partial refund from ULIPS (icici prudential life time plans) taxable? Whats the case if policy is surrendered? Lock-in period of the policy is already completed i.e. policy was taken in 5 years back.

Premium: Rs 30,000 per anum

Insurance cover = Rs 4 lakhs

 

Please suggest

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On 06 July 2011 at 17:36 Report
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C.A.
105 Points Joined December 2009
Since 5 years hv compltd, u need not pay tax.
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On 08 July 2011 at 11:17

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