Incometax act, 1961

N SURYANARAYANA (Querist) 03 June 2015 This query is : Resolved
Sir, Whether under ULIP(Wealth-Plus) Policy the pre-matured withdrawal is taxable. It is a case where the policy has been taken by a person aged 62 years on 25/02/2010 for a term of 8 years and paid single premium of Rs.4 lakhs. Sum assured is Rs.5 lakhs. An amount of Rs.373672/- was received from LIC on surrender on 11/10/2014 with TDS of Rs.7472 u/s 194DA. My query is whether the entire amount is taxable under I.T.Act, 1961 for the AY 2015-16 . Please offer your valuable comments. Also state whether loss so incurred (premium paid minus maturity value) on account of investment can be allowed to be set-off under other heads of income.

Follow Query

Report Abuse

N SURYANARAYANA (Querist) 16 June 2015
No reply received. Please answer

T. Kalaiselvan, Advocate (Expert) 21 June 2015
You will not get reply for this here, you may post this query in CA club or consult your tax consultant.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now