Hello everyone,
There was a ULIP Pension plan with a premium of Rs. 10000/- per year for 15 years. The maturity date was 10/03/2023.
But it was surrendered before the maturity though all premiums had been paid on the due date. The surrendered amount was Rs. 358000/- approx.
Please guide me that whether the excess amount i.e. 208000/- than the total premium amount of Rs. 150000/- is taxable or not. If yes, then in which section and rule it will be taxable? How to represent it in ITR?
If the excess amount is not taxable, then how to represent it in ITR, and also in which section it will be exempted?
Regards,
Amit
CAclubindia
