Icici prudential life nsurance
This query is : Resolved
Sanjay Vekariya
(Querist)
11 July 2013
assessee had taken ICICI Prudential Life insurance Policy & Paid Premium & taken Deduction under 80C now this policy is surrender before maturity therefore my question is such surrender amount received is it taxable or exempt if it is taxable than total surrender amount is taxable or premium paid earlier is only taxable?
11 July 2013
No amount is taxable as ur recieving a capital reciept.but if u violate sec 80C conditions then u need to pay tax.
Premium is not taxable.
Premium is not taxable.
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