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Tax on withdrawal of superannuation fund

Others 887 views 1 replies

Hi Friends:

I opted to quit working at the age of 58 years and 6 months. The retirement age at my company is 60 years. I also decided to withdraw my Superannuation amount which is being managed by LIC. I withdrew 1/3 the amount while I invested the other 2/3 in a LIC Annuity Scheme.

I find that LIC has deducted TDS on the 1/3 amount which I withdrew. My understanding is that Tax is exempt from the amount withdrawn if I invest the other 2/3 in a LIC Annuity Scheme. Can I seek a IT Refund on the TDS deducted by LIC ?

Regards

Harish.

 

Replies (1)

Yes. We can claim IT refund in case of excess TDS is deducted.


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