Income tax on Premature Withdrawal of ICICI Pru LifeTime Pension Fund

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  1. Anjan Bose

    Anjan Bose New Member

    Dear Member,

    I had purchased an ICICI Pru Life Time Pension II Policy in the year 2005. The annual premium amount was Rs. 10,000. I have availed deduction of this amount under section 80 CCC till 2010. The period of this policy was of 10 years. As I was under urgent need of fund, I have surrendered the policy just before its maturity date of 15th Mar'2015. I have paid a total premium amount of Rs 1,00,000 till Mar'2014. I have got Rs 1,64,000.00 and ICICI pru Life has not deducted any TDS.

    My question is, on what amount have to pay tax Income tax and what is the rate of IT ?

    Thanks

    Anjan
     
    Last edited: May 2, 2015
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