Taxability on surrender value of LIC endowment policy (Jeevan Saral)

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  1. Rohit Murarka

    Rohit Murarka New Member

    I have bought a LIC JEEVAN SARAL policy in June 2011 for monthly contribution of 510 per month with maturity value of 125000. Realizing no benifits in keeping invested, I surrendered this in September 2015. Recieved surrender value of approx 18 K in my bank account. I chose a LIC e-Term plan instead with similar yearly outgo.

    My question is that since I paid premium for atleast two years(4 yrs 4 months precisely) but surrendered before 5 years of policy completion, I need to understand taxability aspect. Will all my 80C deductions be reversed which I claimed in preceding years and added as other income for FY 16-17 in my IT returns. Or my surrender value will be taxable. Or will it be both.
    Kindly explain so that I can fill my ITR correctly.

    Thanks and Regards,
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