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ULIP surrender value taxable or exempt
I Have recvd 25 lacs from ULIP Policy surrender I was paid premium Rs. 15 lacs is 10 lacs excess recvd is taxable or exempt Policy but on 2013 surrender on may 2018
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ULIP policy bought on ______ 2013 and surrendered in May 2018
If policy completes 5 years and then surrender happens then it is exempt under 10(10D)
However if policy is less than 5 years old and then surrendered then excess momey that is 10 lakhs is taxable.
If policy completes 5 years and then surrender happens then it is exempt under 10(10D)
However if policy is less than 5 years old and then surrendered then excess momey that is 10 lakhs is taxable.
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