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premature surrender of Insurance Policy
Does premature surrender of insurance policy attracts penalty to include the whole amount towards income tax or only internet accrual on the same is included towards taxation?
Replies (1)
Depends upon the premium paid with respect to the assured value of the insurance. Check it. If premium paid per annum is less than 1/10 th of assured value than no tax liability even when pre-matured or surrendered earlier, but after contracted period.
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