Income tax after surrendering icici life time pension policy
This query is : Resolved
DR SUNDEEP NIGAM
(Querist)
09 April 2018
I am having an icici life time pension policy it is a unit linked plan. Pension received on this policy is taxable. On completion of this policy I can get 1/3 amount equivalent to units value which is tax free. My query is if surrender this policy before completion will the amount received taxable?
CA Rashmi Gandhi
(Expert)
09 April 2018
Generally, while surrendering a pension policy, the entire surrender proceeds will be added to your income and taxed as per your income slab.
CA Suresh Jain
(Expert)
09 April 2018
The answer given by Ms. Rashmi is correct. Yes, the amount received by you on surrender shall be taxable
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