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

Share
Share This Thread
  1. Rohit Murarka

    Rohit Murarka New Member

    Hello,
    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,
    Rohit
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Taxability of Commission Income earned by Transport Owner other than TDS Income Tax Nov 7, 2017
Taxability of Family Pension Income Tax Jul 16, 2017
Taxability of LIC Policy's Maturity Amount Income Tax Jun 23, 2017
Taxability of Dividend in the hands of Shareholder Income Tax Mar 15, 2017
Taxability of Wedding Gifts - Different dates of Legal and Religious Marriage Income Tax Dec 11, 2016