Insurance related
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 April 2012
policy taken in Apr 2003 and premium is rs70000 for a Rs10Lac sum assured.Was only Rs50,000 deductible under 80C and if policy was surreneded in Apr 2011-how does one calculate one's tax liability?
15 April 2012
I think you are saying about the life insurance policy. Those policies which are surrendered or matured after the completion of 2 years from the date of commencing are not liable for any tax and such proceeds amount exemption. In case it is unit linked policy the time period specified is 5 Years.
So based on the above provision you are not liable for any tax on such surrender proceedings of the policy in either cases because you hold the policy for 8 Years.
OM SAI SRI SAI JAI JAI SAI
So based on the above provision you are not liable for any tax on such surrender proceedings of the policy in either cases because you hold the policy for 8 Years.
OM SAI SRI SAI JAI JAI SAI
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