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Regarding taxability of amount on surrender of policy

This query is : Resolved 
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(Querist)
02 April 2016 sum assured 1000000
policy period-10 yrs
surrendered after 6 yrs
is amount received on surrender of policy taxable.....?
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
02 April 2016 If you surrender the policy before maturity, the taxability would depend on whether you have paid 5 premiums on the policy or not. If you have paid so, taxability would be nil.
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