Mr. X has surrendered his LIC policy and received the amount. Whether such amount is taxable?
Regards,
Devendra Kulkarni
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Surrender of lic policy - tax treatment
Replies (1)
Depends upon the type of policy, whether single premium or multiple and the period of termination.
Reference to the following may help:
/forum/lic-surrender-whether-capital-gain-or-other-sources-135599.asp#.T_p0g4cgfap
/forum/surrender-of-lic-policy-122123.asp#.T_pzxocgfao
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