Surrender value of insurance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 September 2014
Deal All,
I was invested in insurance plan of unit linked with ICICI Bank on 30/12/2005 and surrendered on 27/04/2012. so, surrender value is taxable or exempted? if it is taxable then under which head of income should i show? Please help me on my above question.
I was invested in insurance plan of unit linked with ICICI Bank on 30/12/2005 and surrendered on 27/04/2012. so, surrender value is taxable or exempted? if it is taxable then under which head of income should i show? Please help me on my above question.
Nikhil Kaushik
(Expert)
06 October 2014
since you have held the insurance policy for more than 5 years, the surrender value is exempt. it shall be reported as exempt income
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