Surrender of ulip policy
This query is : Resolved
11 May 2016
Sir,an individual had a ULIP policy which he surrendered before making contributions of first 5 years.He received a cheque for the termination.Then will the amount received alongwith amts claimed as deductions u/s 80C in previous years get taxed?Or only amts claimed as deductions will get taxed? and what if no deduction of the same has been neither reported nor claimed in previous years?
11 May 2016
If deduction was claimed in the previous year the same will be taxable. Even the extra amount received will be taxable.
12 May 2016
Dear Sir,it it so that the amt received is taxable to the extent it exceeds the indexed cost of acquistion,since the investment being one in the nature of mutual funds.....?
Dhirajlal Rambhia
(Expert)
20 October 2021
The deduction claimed under 80C is added to current year income.
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