Insurance
This query is : Resolved
26 December 2013
I HAD INVESTED IN RELIANCE LIFE INSURANCE FOR A PERIOD OF 3 YEARS FOR RS.585000/- AND NOW I HAD CANCELLED THE POLICY. I RECEIVED A SUM OF RS.700000/-. I RECEIVED RS.115000/- EXCESS. WHAT IS THE TAX IMPACT ON THIS INCOME.
PLEASE SPECIFY.
THANKING YOU SIR
PLEASE SPECIFY.
THANKING YOU SIR
26 December 2013
Hi,
If it is pure Insurance then holding period is 2 years then amount received back is tax free.
Pl refer: https://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html
Thanks//VaibhavJ
If it is pure Insurance then holding period is 2 years then amount received back is tax free.
Pl refer: https://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html
Thanks//VaibhavJ
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