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!!
Amol S Joglekar
(Expert)
12 June 2015
Now the remedy is Claim the TDS while filing your return of income.
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