Taxability of Surrender value of Life Time Super Policy

CA Sanjay Baheti (PROPRIETOR) (1155 Points)

31 July 2010  

My client being an Individual has received surrender value of Life Time Super Policy with ICICI Prudential of Rs.81974/05 against total premium payments of Rs.78000/-till Aug,2009. He received the said S.V. in Sept,2009 laong with benifits.

How to be treated the same from tax angle point of view & accounting point of view in books.