a life insurance policy wich will mature in november 2011
and all installment of premium were duly paid, no further premium is outstanding
I want to know the tax liability if i surrender the policy before maturity
please help
thanks
a life insurance policy wich will mature in november 2011
and all installment of premium were duly paid, no further premium is outstanding
I want to know the tax liability if i surrender the policy before maturity
please help
thanks
AS PER MY OPINION
ALL THE AMOUNT U RECD BECOME TAXABLE
| Originally posted by : Dheeraj | ||
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AS PER MY OPINION ALL THE AMOUNT U RECD BECOME TAXABLE |
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no amount will be taxable.
My opinion
you will got only benefit of surrender value & the whole amount received is tax free.
If the policy is a life insurance, i.e. with a life risk cover, no amount will be taxable. However if it is a pension plan, whole amount will be taxable.
| Originally posted by : Ankit | ||
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If the policy is a life insurance, i.e. with a life risk cover, no amount will be taxable. However if it is a pension plan, whole amount will be taxable. |
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yes it is a r8 answer
Dear Friend..
The Policy Surrendered Amount is Fully Exempt From Tax under Section 10(10D)
Bcause This Section Not Specify The Surrendered Policy...
REGARDS.,
ThirU
FULLY AGREED WITH THIRU.....
REGARDS,
MANOJ
If the policy is a life insurance, i.e. with a life risk cover, no amount will be taxable. However if it is a pension plan, whole amount will be taxable.
Yes it is exmept
shailesh
I agree with thiru
Dear Sir,
Its depend on your Insurance Plane if it is Pension Plane then 1/3 amt is tax free & rmain taxable.
& in case of surder befroe maturity Date In ULIP plan acc. to your plane taken there are specifc slab of surrender amt. like in ICICI Life stage pension if you surrender on 5th yr.then u get 98% of Fund Value
1/3 tax free & on remain amt . tax ve to pd.
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