Tax treatment for surrender of ulip policy of market plus

Devendra (Chartered Accountant) (4775 Points)

14 July 2012  

Mr. X had invested Rs. 200000 in 2006 in ULIP Policy (LIC) of Market Plus. Now in April 2011 he received (ie. on surrender) Rs. 600000 against it. So What will be the Tax Treatment on surrendering the ULIP Policy (LIC) of Market Plus?

Please guide.




Devendra Kulkarni