Income tax
This query is : Resolved
Rajanikant Raval
(Querist)
13 June 2014
Dear sir, 13/06/14
I was investing every month Rs.2000/ for last 5 years in ICICI Pru life product. I was also geting deduction u/s 80c for this premium paid every year I withdrew the total amt in 6th year.I received 45000/- more than what i paid as a premium over 5 years.How i am required to calculate tax on this Rs.45000/-
with regards
Rajanikant Raval
MUMBAI
I was investing every month Rs.2000/ for last 5 years in ICICI Pru life product. I was also geting deduction u/s 80c for this premium paid every year I withdrew the total amt in 6th year.I received 45000/- more than what i paid as a premium over 5 years.How i am required to calculate tax on this Rs.45000/-
with regards
Rajanikant Raval
MUMBAI
Nikhil Kaushik
(Expert)
13 June 2014
there wont be any tax on this. please refer section 80c(5)
Rajanikant Raval
(Querist)
13 June 2014
thanx Nikhilbhai for your prompt guidence.
Regards.
Rajanikant Raval
Mumbai
Date:13/06/14
Regards.
Rajanikant Raval
Mumbai
Date:13/06/14
Nikhil Kaushik
(Expert)
13 June 2014
you are welcome Rajnikant bhai :)
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