case study :
mr A buying pension policy.current age 35 , vesting age 45 ,( term 10 years)
amount invested in pension policy 500000 p.a , appx purchase price to buy pension at the age of 45 will be 75 lakh.
assessee has not claim any deduction u/s 80 ccc for any years.now at the vesting age if he withdraw whole amount of 75 lakh weather it is fully taxable ?
since it is long term policy & any long term investment is tax free ( long term capital gain on shares) , why not purchase price if withdrwan is fully exempt ? even though he has not claimed any deduction u/s 80 ccc.
pls clarify.
with regds
RUpesh shah(ACA)
mob : 9819556886
CAclubindia
