on 21.06. 2012 i bought one policy from Max life insurance- yearly premium Rs 75000/- . policy name
BASE POLICY-max new York life flexible fortune (10pa) & TYPE OF POLICY- UNIT linked - Non participating. problem is
i paid 2 premium 75000 * 2 = 150000/- after that stoped.
i got refund money on 06.07.2017 Rs. 198079/- before maturity.
my question is :
as per income tax i have to pay any tax ? or else.
my income is below 250000/- for AY 2018-19
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unit linked tax calculation
Replies (3)
What was assured value of the policy? Whether any TDS deducted by Max Bupa?
Whether income below 2.50 lakhs include policy surrender proceeds?
assured value of policy is 750000/-
TDS NOT DEDUCTED
YES INCOME BELOW 250000/- INCLUDING POLICY SURRENDER VALUE
TDS NOT DEDUCTED
YES INCOME BELOW 250000/- INCLUDING POLICY SURRENDER VALUE
The maturity/surrender proceeds of the insurance policy are tax exempt u/s. 10(10D)........
& otherwise also, your aggregate income is below exemption limit..... so no tax liability, either way.
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