Surrender value of a pension plan.
This query is : Resolved
ASHEESH ARORA
(Querist)
15 July 2008
I want to ask if i surrender a prnsion policy taken from any life insurance company the amount we get is it taxable ? under which clause ?
CA. Sahendra Jaiswar
(Expert)
15 July 2008
If an assessee surrender a pension policy taken from any Life Insurance Company then an amount equal to the whole of the amount shall be deemed to be the income of the assessee or his nominee, as the case may be, in that previous year in which such surrender is made and shall accordingly be chargeable to tax as income of that previous year under Section 80CCC of ITA, 1962.
ASHEESH ARORA
(Querist)
16 July 2008
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