a life insurance policy wich will mature in november 2011
and all installment of premium were duly paid, no further premium is outstanding
I want to know the tax liability if i surrender the policy before maturity
please help
thanks
CA kaveesh gupta (Chartered Accountant) (65 Points)
23 August 2010a life insurance policy wich will mature in november 2011
and all installment of premium were duly paid, no further premium is outstanding
I want to know the tax liability if i surrender the policy before maturity
please help
thanks
Dheeraj
(Learner)
(1100 Points)
Replied 23 August 2010
AS PER MY OPINION
ALL THE AMOUNT U RECD BECOME TAXABLE
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 23 August 2010
| Originally posted by : Dheeraj | ||
 |
AS PER MY OPINION ALL THE AMOUNT U RECD BECOME TAXABLE |
 |
Surbhi Garg
(Chartered Accountant)
(64 Points)
Replied 23 August 2010
My opinion
you will got only benefit of surrender value & the whole amount received is tax free.
Ankit Agarwalla
(CA)
(281 Points)
Replied 23 August 2010
If the policy is a life insurance, i.e. with a life risk cover, no amount will be taxable. However if it is a pension plan, whole amount will be taxable.
samarjit ghosh
(student)
(288 Points)
Replied 23 August 2010
| Originally posted by : Ankit | ||
|
|
If the policy is a life insurance, i.e. with a life risk cover, no amount will be taxable. However if it is a pension plan, whole amount will be taxable. |
|
yes it is a r8 answer
CMA Thiru
(CA FINAL STUDENT)
(378 Points)
Replied 23 August 2010
Dear Friend..
The Policy Surrendered Amount is Fully Exempt From Tax under Section 10(10D)
Bcause This Section Not Specify The Surrendered Policy...
REGARDS.,
ThirU
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 23 August 2010
FULLY AGREED WITH THIRU.....
REGARDS,
MANOJ
Shailesh Kripal
(Music Industry : Copyright)
(31 Points)
Replied 24 August 2010
Yes it is exmept
shailesh
sachin
(PA of CEO)
(21 Points)
Replied 25 August 2010
Dear Sir,
Its depend on your Insurance Plane if it is Pension Plane then 1/3 amt is tax free & rmain taxable.
& in case of surder befroe maturity Date In ULIP plan acc. to your plane taken there are specifc slab of surrender amt. like in ICICI Life stage pension if you surrender on 5th yr.then u get 98% of Fund Value
1/3 tax free & on remain amt . tax ve to pd.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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