If a insurance policy is surrendered in the f.y. 2009-10, will the surrender value received be taxed in a.y 2010-11 ?
thanks
2 Replies
Harpreet
(* * * * * *)
(1670 Points)
Replied 23 July 2010
If you have taken a ulip plan then i think both the task i.e. tax will be calculated and deduction of tax by the insurance company. As you dont at what price you have purchase the units and what was the price of the units at the time of surrender.
But please read the documents which you had got at the time of purchase of ur plan that the surrender value will be taxable in ur hands or not.
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