Hi,
We surrendered a ULIP last year. The initial premium was paid in 2005 and it was for 3 year term. The Sum assured is less than 5 times the annual premium.
The issuing company deducted tax at 1% of total withdrawal amount. What should be the taxable amount for this - the complete withdrawal or only the gains?
Regards
Abhishek
Any LIP submitted before maturity or withdrawn or surrendered is fully taxable.
You mean full amount that we received not just gains. The initial investment is not factored in. Right?
| Originally posted by : Abhishek Tuteja | ||
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You mean full amount that we received not just gains. The initial investment is not factored in. Right? |  |
Yes, i mean full amount that you have received i.e Pricipal+gains
CAclubindia
