Income tax on lic wealth plus
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2013
Hi,
I had Lic Wealth plus of single premium 40000/- started on 23/03/2010
Sum Assured:50000/-
As nav is going below I have surrendered and got 36176/- from it after 3 yrs (No surrender value deducted as surrendered after 3 yrs.)
Now for FY 2013-14 ay 2014-15 how much amount from it will be taxable? Please advised i am confused.
I had Lic Wealth plus of single premium 40000/- started on 23/03/2010
Sum Assured:50000/-
As nav is going below I have surrendered and got 36176/- from it after 3 yrs (No surrender value deducted as surrendered after 3 yrs.)
Now for FY 2013-14 ay 2014-15 how much amount from it will be taxable? Please advised i am confused.
04 September 2013
Two portions
1 is original 40,000 paid by you
2 is 36176 received by you
What was the treatment when you paid 40000 have you shown that as investment? if yes then there will be a loss and you can calculate capital gains loss which can be carried forward
1 is original 40,000 paid by you
2 is 36176 received by you
What was the treatment when you paid 40000 have you shown that as investment? if yes then there will be a loss and you can calculate capital gains loss which can be carried forward
Rupesh Jain
(Expert)
24 May 2014
any amount not to be taxable in your hand.
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