Is LIC taxable if withdrawn
This query is : Resolved
20 September 2010
I would like to know if Life insurance policy amount withdrawn after a period of 2 years from date of commencement is taxable if withdrawn.
21 September 2010
I Think there should be a lockin period to get the exemption.
CMA Ramesh Krishnan
(Expert)
24 September 2010
it will be lock in period of 5 years
CMA Ramesh Krishnan
(Expert)
24 September 2010
it will be lock in period of 5 years
CA. Chikkerur C R
(Expert)
29 October 2010
If LIC which comes under 80C benefits will have lock in period. Usually 5 years. You cannt withdraw. If withdrawl, you will loose benefits which u had earlier
Normally you cannt allow to withdrw
Normally you cannt allow to withdrw
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