Lic Query

it is not exempted one

it is taxable as PGBP income

Not Exempt

it is exemted under any section.it is taxable like income i think under income from other sources. you should remember one thing while dealing any exemtion issues that unless untill expressly exemption is provided any income is taxable.

IT IS EXEMPT U/S. 37 OTHER DEDUCTIONS.

IT IS NAMES AS ADHOC DEDUCTION AND WOULD BE EXEMPT ONLY IF THE COMMISSION EARNED IS 60,000/- AND LESS TRHAN THAT.

Hi,

I am having a query regarding LIC Jeevan Anand policy.

I have taken a policy of LIC Jeenvan Anand. It is of 30 Years and giving premium of 20,000 twice a year. I have given premium 2 times and now I am not in condition to continue this policty. Means I want to stop it.

Can I get money which I have given as premium (40,000)? and if yes then what is the procedure to get that back?

Please let me know as this is the huge loss for me.

Thanks!!