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Surrender value of insurance

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 September 2014 Deal All,

I was invested in insurance plan of unit linked with ICICI Bank on 30/12/2005 and surrendered on 27/04/2012. so, surrender value is taxable or exempted? if it is taxable then under which head of income should i show? Please help me on my above question.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
06 October 2014 since you have held the insurance policy for more than 5 years, the surrender value is exempt. it shall be reported as exempt income

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