Dear Friends,
If HDFC life insurance amount withdrawn fully, it is 7 lacs. Will it be taxable income? If not reinvested.
If same amount reinvested in Bank FD’s – then what? Will it be taxable??
Please guide.
How much will be the tax in both cases?
Menu
HDFC Life Principal withdrawal - Taxable or not?
Replies (1)
The principal amount withdrawn is exempt.
The amount if reinvested in bank FD, then the interest on bank FD will be taxable at normal slab rate.
Recent Topic
- Input tax credit under igst under insurance compan
- ITR Form to be used
- CGAS account Holder Deceased
- ITR form suggestion
- Post office KVP income.
- Free GST invoice tool I built for my practice R
- Clarification on Gratuity Exemption under Section
- GOODS AND SERVICE TAX - GSTR 1
- Correct ITR form
- Clarification required on Section 393 & Report
Related Topics
CAclubindia
