Tds on lic policy surender value
This query is : Resolved
12 June 2015
recently i have surrendered one wealth-plus policy after 5 years since it has not given any significant benefit.it has hardly produced 3.5% return per year. the surrender value was 5.85 lacs(after 5 yrs) for an initial investment of Rs five lakhs..i felt it was a disaster . to my utter shock LIC has deducted TDS on surrender value @ 2%..I just do not understand how can they deduct TDS on principal amount which was my legal saving amount five years ago. i argued with LIC mgt if at all they want deduct TDS let them do on the benefit(which is Rs 85000) but they have recovered 2% TDS on entire proceeds...is it justified pl let me have suggestions from CACLUB experts how to deal with this!!
12 June 2015
Now the remedy is Claim the TDS while filing your return of income.
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