Tax on surrendering of lic market plus (plan-181) policy
This query is : Resolved
07 September 2019
Policy Purchased in 2007 for Rs.25,000/- and Surrendered in 2018 for 50,000/- (Holder is a NRI)
How the Gain of Rs.25,000/- will be treated under Income Tax.
I) In Other Income whole of Rs.50,000/-
2) In other Income Gain of Rs.25,000/-
3) Tax Free in Hands of Buyer as held for more than 11 Year, OR
4) Being NRI it will be Taxed.
5) If taxed, @! what Rate and What u / s. of Income Tax Act.
How the Gain of Rs.25,000/- will be treated under Income Tax.
I) In Other Income whole of Rs.50,000/-
2) In other Income Gain of Rs.25,000/-
3) Tax Free in Hands of Buyer as held for more than 11 Year, OR
4) Being NRI it will be Taxed.
5) If taxed, @! what Rate and What u / s. of Income Tax Act.
04 June 2020
https://cleartax.in/s/life-insurance-taxability
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