Life insurance surrender value taxability
Querist : Anonymous
1. how can we claim this amount as refund
2. where to show the surrender value in the income tax return
Pls reply
Any policy where premium in any year is more than 20% of the sum insured if it were bought after 1st
April 2003 but before 31st April 2012 or is more than 10% of the sum insured if it were bought after 1st April 2012.
if your premium is 20% of sum assured then your amount will include in income and you have to pay the tax. otherwise your amount will exempt, and you get the refund of TDS.
Querist : Anonymous
thanks for the reply. while filing the Return, where to show the Surrender value received amount in the Return. also clarify, how we will give the calculation of 10% of sum assured in the return?
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