PESIONS OR ULIP

dasd (Querist) 02 September 2008 This query is : Resolved
INVESTED IN FUTURE PLUS RS 10000/- IN 2005-06 RECD 13589 RS IN 08-09 THEN WHETHER THE ABOVE LIC FUTURE PLUS WILL BE TAXABLE AS PENSION UNDER THE HEAD OTHER SOURCES (I.E. 1/3-TAX FREE & BALANCE TAXABLE) OR CAPITAL GAINS (ULIPS)

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SANJAY DIXIT (Expert) 02 September 2008
First you tell me, whether you have received Rs 13589 in 08-09 by way of surrendering the policy.

dasd (Querist) 03 September 2008
yes sir

SANJAY DIXIT (Expert) 03 September 2008
Then no question arises about "1/3-TAX FREE & BALANCE TAXABLE".

Besides it, any sum received under a LIC policy including the sum allocated by way of bonus on such policy , is exempted from Income Tax U/s 10(10D).