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Deduction u/s 80c

This query is : Resolved 
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(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?
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Amol S Joglekar

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Amol S Joglekar (Expert)
31 May 2014 yes. the earlier deduction is to be added back
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Rupesh Jain

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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
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
07 June 2014 then deduction is disallowed and needs to be added back in ur taxable income.
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