Lic ulip policy surrender treatment

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I have a query on LIC money plus ulip policy

Our client on 26/12/2006 had invested in Lic money plus Ulip policy (fund type is growth). whose date of last premium to be paid is on 26/12/2015 . premium amount for each year is 10000.rs

On  24/11/2010 they have surrendered the policy for rs.33935

For the past 3 installments they had not calimed any deductions for premium paid for each year

So I want to know whether we can claim 30000.rs as deduction under sec 80c and

I also want to know the treatment for 3935.rs profit whether it has to be shown as IFOS under

Others head or is there any other treatment

Replies (2)

https://www.maxnewyorklife.com/insurance-explained/tax-benefits.aspx

Thanks for your reply mannu

as per the link you gave

This benefit will be reversed if the policy is terminated/cease to be inforce within 2 years for traditional products and 5 years for ULIP products after the date of commencement of policy.

The quantum of deduction already taken in the preceding years would be deemed as the income of the taxpayer in the year in which policy is terminated.

so then no deduction can be claimed for the 30000.rs. then what about the treatment for 3935.rs profit whether it has to be shown as IFOS under or is there anyother treatment


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