Surrender of lic before the maturity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 March 2014
What is the treatment of LIC Premium & Surrender amount if it surrender before the maturity period? Whether it is taxable or Not?
01 March 2014
any exemption claimed under section 80C in previous years on the said ULIP shall be reversed and shall be included in the income of the assessee.
the surrender value received should have not tax liability.
the surrender value received should have not tax liability.
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