A insurance policy has been premature and gate Rs.218000. The invested amount was Rs. 245000. The company has deducted TDS U/s. 194DA on Rs. 218000.
What will be the Tax treatment and How to show in the IT return (ITR-1, The assessee is salaried person)?
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Sec. 194DA
Replies (1)
If surrenderd before 5 yrs, surrender value is taxable. After 5 yrs surrender value is not taxable. File ITR 1. Show under IFOS or Exempt Income depending upon . claim TDS as usual
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