Comment posted When Is LIC Payments Taxable? by Mani.
Hi, I had an LIC endowment policy. I had been paying the premium for the past 8 years. This year, I have surrenderred the policy, and LIC has paid me the surrender value.
What are the tax implications of this? Should it be add to my income as ‘Income from other sources’? Please advise.
Recent comments by Mani
- Shocking ! Sale of agriculture land taxable under Direct Tax Code 2010.
[...] is already posted that Direct Tax Code 2010 has made even agriculture land sale as taxable . However, saving grace is that section 55 of the DTC 2010 provides that in following conditions, [...] - Is long term gain on shares or units tax free under Direct Tax Code?
[...] 2. Long term gains on equity shares or mutual fund units on which STT is deducted are tax free as 100 % deduction is allowed. For knowing more . read this. [...] - Can Employer Decline To Issue Form 16?
[...] issue was already explained earlier in posting Can Employer Decline To Issue Form 16? [...] - When Should You Get Tax Audit Done In Case Of Day Trading of Shares?
[...] F & O activity or purely speculating , in all those cases tax audit is reuired. Please read When Should You Get Tax Audit Done In Case Of Day Trading of Shares? Related Posts:Whether purchase and sale of share through demat account is STCG or Speculation?When [...] - How Cost Inflation Index Saves You Tax?
[...] or zero coupon bond are taxed @ 10 % if no indexation benefit is taken. [sec. 112 ] (Read what is Indexation benefits [...]
powered by SEO Super Comments
Hi, I had an LIC endowment policy. I had been paying the premium for the past 8 years. This year, I have surrenderred the policy, and LIC has paid me the surrender value.
What are the tax implications of this? Should it be add to my income as ‘Income from other sources’? Please advise.