Respected Sirs,
We had taken a LIC endowment policy in Feb 2012 by paying one time premium of Rs 150000/-. Maturity period was upto 2031. We had not taken any deduction from income of FY 2012-2013 against this policy.
In March 2017, we had surrendered policy for a value of Rs 247000/-. LIC had TDS deductions under u/s 194DA while making the payment to us. Our taxable income come in 30% slab.
We would like to know :
1]Whether there is any tax liability?
2]If yes, then will it be on surrendered value i.e. Rs 247000/- ? or on gained value i.e Rs 97000/- ( 247000/- less premium paid Rs 150000/-)?
Please advice.
CAclubindia
