Life insurance surrender value taxation

1. What is the amount of deduction availed (under sec. 80C) over premium paid?

Section 80 C deductions availed to the allowable extent for the financial years during the premium paying tenure. 

Please let me know.

Total surrender amount received is taxable u/h. IFOS.

I have not understood " u/h IFOS". Can you please clarify.

In my case the Premium Paid amount is more than the Surrender Value received thus resulting in a negative cash flow/ loss. Will this ( Surrender value) still be considered a net income for the purpose of IT return?

As per Finance Act Circular no: 7/2003 of 05.09.2013, it states that while computing the amount taxable out of maturity proceeds, premium paid by assessee shall be excluded. As per this, can I show the negative cash flow/ loss value in my IT Return under " Income from other sources" head?

I have availed 80 C deductions, however I retained the policy and paid regular premium for more than 2 years from policy commencement, so reversal/ add back of 80C deductions will not be applicable in my case. Am I right?

Your valuable inputs will be of help.

https://www.caclubindia.com/experts/surrender-of-lic-1959339.asp

Surrender-Value-Taxation-Do-you-have-to-pay-tax