Abhishek Tuteja (34 Points)
31 July 2018Hi,
We surrendered a ULIP last year. The initial premium was paid in 2005 and it was for 3 year term. The Sum assured is less than 5 times the annual premium.
The issuing company deducted tax at 1% of total withdrawal amount. What should be the taxable amount for this - the complete withdrawal or only the gains?
Regards
Abhishek
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 31 July 2018
Any LIP submitted before maturity or withdrawn or surrendered is fully taxable.
Abhishek Tuteja
(34 Points)
Replied 31 July 2018
You mean full amount that we received not just gains. The initial investment is not factored in. Right?
Ruchika Somani
(Coaching and Practice in Tax Audit Law.)
(4429 Points)
Replied 31 July 2018
| Originally posted by : Abhishek Tuteja | ||
 |
You mean full amount that we received not just gains. The initial investment is not factored in. Right? |  |
Yes, i mean full amount that you have received i.e Pricipal+gains
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