Tax on amount received from premature withdrawl of lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 July 2013
Hi,
I had Lic Wealth plus of single premium 40000/- started on 23/03/2010
Sum Assured:50000/-
As nav is going below I have surrendered and got 36176/- from it after 3 yrs (No surrender value deducted as surrendered after 3 yrs.)
Now for FY 2013-14 ay 2014-15 how much amount from it will be taxable?
Please advise i am confused. I has run through loss.
I had Lic Wealth plus of single premium 40000/- started on 23/03/2010
Sum Assured:50000/-
As nav is going below I have surrendered and got 36176/- from it after 3 yrs (No surrender value deducted as surrendered after 3 yrs.)
Now for FY 2013-14 ay 2014-15 how much amount from it will be taxable?
Please advise i am confused. I has run through loss.
CA PARAS BAFNA
(Expert)
30 July 2013
In my view, the Wealth Plus plan is a unit linked plan. Units held by you for three years according to the lock in period norms of that time and you have got the amount after lock in period. So it is not taxable.
.
Presently 5 years lock in period is applicable to ULIP.
.
.
Presently 5 years lock in period is applicable to ULIP.
.
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