Dear Sir,
I have a insurance which I have withdrawn within 5 years. Now the C.A. is telling the same is taxable. My question since I havent claimed the premium paid under this policy for deduction U/s 80C or any. Still it will be taxble in my hands since withdrawn before 5 years.
Please guide.
i think it is taxable as policy withdrwal before 5 years lock in period
As my reading goes. The section is very clear with that if the premium paid claimed U/s 80C then the same needs to reversed. So I still believe it to be non taxable.
But a senior guidance on it will be helpful.
But a senior guidance on it will be helpful.
I think it will not be taxable, because it had not been claimed as deduction u/s 80C.
CAclubindia
