Tax on ULIP withdrawl amount

Hi Gurus,

 I have taken 30,000  ICICI PruLife pilicy in 2007 (for FY 2007 2008 ) and paid for 3 years. After the 3 years locking period i have discontinued the policy  and withdrawn the amount. I have received 10,000 as a retrun for my 3 yrs invsetment.

My queston: Do i have to pay tax for the extra income (10,000) i received by investing in ULIP .If so how can i do it and under what sections of the ITR form I have to show this income.

Please guide me.

 

Thanks,

Vikram.

Replies (1)

encashment before complete of five years is subject to disallowance of 80C and no benefit will be available for income on such payments.

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