Tax on ulip - single premium

This query is : Resolved

Satheesan Ragh (Querist)
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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

ALKESH T MEHTA

ALKESH T MEHTA (Expert)
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25 June 2019 Amount of surrender value is taxable.Refund can be determined at the stage of filing of return.

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