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Sum Received under a ULIP PLAN

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(Querist)
28 October 2010 My question is any sum received under a life insurance policy ( ULIP Plan), which is surrendered after 3 Yrs is Taxable & if yes, then how??
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Mayur Agrawal

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Mayur Agrawal (Expert)
28 October 2010 If it is from LIC then not taxable. In case of other pvt companies it depends on plans and company because some plans of them are taxable.
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sivasankar

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sivasankar (Expert)
29 October 2010 Sir,
You have paid premium for a period for less than five years.If you have claimed 80-C deduction on payment to ULIP then such deduction will be disallowed by AO.But practically there is no mechanism to find it out.Its better not to disclose the maturity proceeds in your statement.
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