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Is LIC taxable if withdrawn

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Venkatesh (Querist)
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20 September 2010 I would like to know if Life insurance policy amount withdrawn after a period of 2 years from date of commencement is taxable if withdrawn.

Jitender (Expert)
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20 September 2010 it is exempt from tax u/s 10

Venkatesh (Querist)
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21 September 2010 I Think there should be a lockin period to get the exemption.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 September 2010 it will be lock in period of 5 years

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 September 2010 it will be lock in period of 5 years

CA. Chikkerur C R

CA. Chikkerur C R (Expert)
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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

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