banner_ad

Surrender of ulip policy

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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?
Profile Image

praveen

Profile Image

praveen (Expert)
11 May 2016 If deduction was claimed in the previous year the same will be taxable. Even the extra amount received will be taxable.
Profile Image

Ameya

Profile Image

Ameya (Querist)
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.....?
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
20 October 2021 The deduction claimed under 80C is added to current year income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
11 May 2026
Post office

Post office

Anakapalle

Others

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details