Loss on insurance policy before maturity
This query is : Resolved
Hemlata Agrawal
(Querist)
10 April 2013
i have paid 3 installment of a insrance policy of 20000 pa....but now its bcom expensive for me to pay the premium so i hve cancelled dis polcy. amount received by me is 48000. plz tell me whether d loss of 12000 can i claim as a loss under capital gain.
Dintakurthi Tirumala
(Expert)
10 April 2013
You can't claim it as capital loss etc.... in addition to this if you have claim any exemption for this policy u/s 80C then entire amount of Rs. 48000 will be taxable in other sources of income.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Hemlata Agrawal
(Querist)
10 April 2013
thanks sir
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