Is the surrender amount of a Unit Linked Pension Plan taxable if I have never claimed the premium that I paid towards this plan for tax exemption?
I had a pension plan (with ICICI bank) on which I paid a premium of Rs. 75000 per annum for 5 years (total of 3.75 lakhs). In none of the years did I claim the 75000 for tax exemption (I had other savings deposits which summed up to the ceiling of Rs. 1 lakh). Now I have recently surrendered the plan and have received a sum of Rs. 4.4 lakhs?
Is this amount taxable in whole or in part? If the entire amount is taxable, does not that amount to paying double tax on the premium amount?
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