Taxability of S.V. of Life time super ICICI Policy
This query is : Resolved
30 July 2010
My client being an Individual has received surrender value of Life Time Super Policy with ICICI Prudential of Rs.81974/05 against total premium payments of Rs.78000/-till Aug,2009. He received the said S.V. in Sept,2009 laong with benifits.
How to be treated the same from tax angle point of view & accounting point of view in books.
How to be treated the same from tax angle point of view & accounting point of view in books.
30 July 2010
Pl. clarify, how many yearly premiums your client has paid,whether it is a pension/annuity policy, What is the sum assured, yearly premium ,other imp. terms?
31 July 2010
Dear Sir,
He paid monthly contribution of Rs.2000/- ie total premium paid for 39 months. further he explained to me that it is annuity policy.
So awaits of your reply.
He paid monthly contribution of Rs.2000/- ie total premium paid for 39 months. further he explained to me that it is annuity policy.
So awaits of your reply.
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