PAWAN RATHI (PROPRIETOR) (54 Points)
18 July 2014Dear Sir,
I have a insurance which I have withdrawn within 5 years. Now the C.A. is telling the same is taxable. My question since I havent claimed the premium paid under this policy for deduction U/s 80C or any. Still it will be taxble in my hands since withdrawn before 5 years.
Please guide.
Rupesh Soni
(Taxation Consultant & CA final student)
(493 Points)
Replied 18 July 2014
i think it is taxable as policy withdrwal before 5 years lock in period
PAWAN RATHI
(PROPRIETOR)
(54 Points)
Replied 18 July 2014
As my reading goes. The section is very clear with that if the premium paid claimed U/s 80C then the same needs to reversed. So I still believe it to be non taxable.
But a senior guidance on it will be helpful.
PAWAN RATHI
(PROPRIETOR)
(54 Points)
Replied 18 July 2014
But a senior guidance on it will be helpful.
Gangatharan
(Partner)
(108 Points)
Replied 18 July 2014
I think it will not be taxable, because it had not been claimed as deduction u/s 80C.
CAclubindia
