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If HDFC life insurance amount withdrawn fully, it is 7 lacs.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?
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If HDFC life insurance amount withdrawn fully, it is 7 lacs.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?
The principal amount withdrawn is exempt.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.
V.K. Ranjan & Co(Chartered Accountants)
New Delhi
B.Com
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