Deduction u/s 80c
This query is : Resolved
Savitri Bhutada
(Querist)
31 May 2014
if I have taken LIC wealth plus plan in 2010 n I have paid 50000 one time premium & already taken deduction u/s 80c. what if I surrender the policy in 2014??
Earlier deduction allowed should be added back or not?
Earlier deduction allowed should be added back or not?
Amol S Joglekar
(Expert)
31 May 2014
yes. the earlier deduction is to be added back
Rupesh Jain
(Expert)
31 May 2014
if you surrender policy before two year. then your deduction will disallow.
now you can withdraw amount of policy
now you can withdraw amount of policy
07 June 2014
then deduction is disallowed and needs to be added back in ur taxable income.
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