Lic refund
This query is : Resolved
26 September 2012
KAYA LIC KA REFUND TAXABLE HAI AGER LIC KO MATURITY PERIOD SE PEHLE HI TURVA DIYA JAAYE OR KITNA TAXBLE HAI, Eg MERE EK FRIEND NE LIC LI 20 YEARS KE LIYE, AB WO 4
YEARS KE BAAD LIC KO TURVA RAHA HAI, USNE PEHLE 80C BHI CLAIM KIYA HAI, KAYA AB USE LIC REFUND PE TAX DENA HOGA OR KITNE AMT PE
YEARS KE BAAD LIC KO TURVA RAHA HAI, USNE PEHLE 80C BHI CLAIM KIYA HAI, KAYA AB USE LIC REFUND PE TAX DENA HOGA OR KITNE AMT PE
03 October 2012
If an assessee has claimed deduction in respect of LIC and he terminates the insurance contract BEFORE 2 years, the amount of deduction shall be taxable in the year in which the contract is terminated.
In this case, the contract is terminated after 4 years, thefeore the same shall be exempt.
However, it is not advisable to surrender the policy so early. He will not even get the premium that he has paid till date.
If he needs funds, he can take a loan from LIC against his policy.
In this case, the contract is terminated after 4 years, thefeore the same shall be exempt.
However, it is not advisable to surrender the policy so early. He will not even get the premium that he has paid till date.
If he needs funds, he can take a loan from LIC against his policy.
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