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
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.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 23 July 2010
dear mihir
insurance amount received is exempt if the premium paid by you in every installment is less than 20% of actual capital sum insured and the policy is taken on or after 1.4.2003
regards
traun rustagi
CAclubindia
