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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Unregistered suppliers utility
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Non-Compliance documents have not been submitted by the contractors debited
- Filling ITR - U
- TDS ON EMAIL DOMAIN SERVICE BILL
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
