Mr. A had invested rs. 55,000/- in Lic policy from 2001 to 2011 (5,000/- p.a.) (claim as deduction u/s 80C in respective year)
he has surrender his policy and got rs. 85,000/- in f.y.20011-2012.
is received amount taxable? if yes how much? is it 85000-55000 = 30, 000 or whole amount of rs. 85,000?
It will be completely tax-free under 10(10D) under the Income tax Act...........
agree with sanket
Vardhaman Group of India
Pimpri Chinchwad
CA Inter
View Details
Karia Overseas
Ahmedabad
CA
View Details
Aggarwal Sarawagi and Co
New Delhi
CA
View Details
R P S K & Associates
Nashik
CA Inter
View Details
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
View Details
CAclubindia
