Lic policy surrender
I have taken a LIC policy and paid a premium of 145452 in 2011.
I surrendered the policy in 2015.
I received a refund of 126863.
LIC deducted an income tax of 2589 but this is not reflected in my AS26 so far
Can I show this as a loss as my original premium is more than the refund.
What to do to get this IT credited to my AS26 form?
Replies (3)
Since ur single premium policy was issued in 2011(before 1/4/12) the premium paid Rs 145452/- must have been more than 20% of the sum assured. That is the reason TDs is deducted. You cannot reduce premium from surrender value to calculate tax.
Can I show the amount (premium paid 145452 - the surrender amount received 126826) as a loss? After all, LIC invests all the policy holders money in the market.
No this not taxed as capital gains transaction.
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