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).

dasd (Querist) 07 September 2008
But this is a pension policy & not an insurance copy.so how it wil be exempt u/s 10(10d)

rajesh garg (Expert) 07 September 2008
its totally exempted u/s 10

dasd (Querist) 07 September 2008
under which section is it exempted? tell me the subsection

Hiralal Das (Expert) 04 April 2009
Thanks all of you.

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