Tax on ulip - single premium
This query is : Resolved
25 June 2019
Got ULIP single premium of Rs.500000/- with sum assured as Rs. 500000/- on Feb 2005 from ICICI Pru life. In addition to this paid 2 more premiums as ICICI pru life send mailer requesting premium payment though plan was single premium.
Surrendered this June 2019 (14yrs), ICICI Pru life is deducting TDS of 1% on the surrender value.
My question is - Is the amount taxable. If not whether we can reclaim the TDS amount.
Thanks
Surrendered this June 2019 (14yrs), ICICI Pru life is deducting TDS of 1% on the surrender value.
My question is - Is the amount taxable. If not whether we can reclaim the TDS amount.
Thanks
25 June 2019
Amount of surrender value is taxable.Refund can be determined at the stage of filing of return.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- ASMT-10 received from A O
- Rental income of jointly held property
- Accounting with Claude
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
