Help needed on which ITR to be used when having insurance surrendered

Satya P (TL) (24 Points)

31 July 2013  

Hi,

 

I have taken a policy from Bajaj Allianz in 2009 Mar and surrendered it in 2013 Feb. I have two questions:

1) Which ITR should I use ITR 1 or ITR 2?

2) Is this amount taxable?

 

Policy details: 

Name: BajajAllianz UnitGainPlus Gold

Term: 20 years

Premium: 25000

Amt. Received on surrender: ~75K

 

 

Thanks for the help,

Satya