Taxability of surrender of lic
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 July 2014
Is the tax treatment different for amount received on maturity of LIC Policy & Surrender of LIC Policy ? This is regarding LIC policy surrendered other than on account of death of employee.
Sandeep Dharar
(Expert)
07 July 2014
No, both r fully exempted from tax.
Rupesh Jain
(Expert)
08 July 2014
IF YOU SURRENDER THE policy before completion of 2 year then your deduction will disallowed.
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