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Cancelation of life insurance money back plan

This query is : Resolved 
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(Querist)
09 October 2013 Mr. X has purchased a Life Insurance Endowment Plan at a premium of Rs. 48501/- for 14 years on Sum Insured Rs. 826670/- (Service Tax Rs. 1455.03 & Education CESS Rs. 43.65) Total Payment recieved Rs49999.68.
What will be the effect in PL and BS when the policy is surrendered.
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
09 October 2013 The surrender value received amount credit to the capital account. In case such policy is surrendered with in 3 years from the date of commencement and 80C benefit claimed on the premium paid year then the surrender value shall be taxable under the head income from other sources while computation of total income.

In case of commencement and surrendering is taking in the same financial year then 80C benefit shall not be claimed as well as no need to be taxable.

OM SAI SRI SAI JAI JAI SAI
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