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Icici prudential life nsurance

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Sanjay Vekariya

Sanjay Vekariya (Querist)
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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?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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.

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