Premature surrender of pension policy
I had invested Rs 10.00 lac on 7-10-2009 in Bajaj Allianz New Unit Gain Easy Pension Plus SP Account having a tenure period of ten years and lock in period of three years. The policy was in cashed on [deleted] and 16,33,885/- was received. No deduction under 80C or any other section was claimed during 2009 in the year of investment. The AO is taxing the entire amount of Rs. 16,33,885/- instead of Rs. 6,33,885/-. In my opinion Rs. 10.00 lac is my already my taxed income and would this not lead to double taxation.
Kindly specify the Rule&Relevant Sections/Circulars of the I.T.Act on this issue.
Asked 13 days ago in Income Tax from Shimla, Himachal Pradesh
I, disagree to the extent that as stated in the question earlier, I did not avail any benefit under 80C or 80CCC as I did not have any income in 2009 (year of investment). In my view taxable amount should be the difference between investment and surrender value. Your comments please.
Thanks and regards.
Asked 13 days ago