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Income computing effect - tds deducted by lic on surrender of policy
What's the treatment for this while filing the return
Single premium policy
Policy taken on 30-03-2005. Of 50000 surrendered on 15-07-2015
Surrendered value 162273
Tds deducted under section 194da by LIC - rs 3246
Replies (1)
The excess amount of surrender/maturity value over the premium paid is added to your income, under income from other sources, and taxed as per the slab rate. Final tax liability be reduced upto TDS deducted.
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