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.
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