I have purchased a policy of ICICI prudential Life link super pension in 2007 under 80ccc and have taken the tax benifit in that year. Now I have made redemption of it in 2016. I was told that i have to include total amount which I received in my income for AY 2017-18. Kindly clarify the position.
Dear Sir,
Yes, the money received from the policy as a annuity or as a surrender value will be taxable in the year of receipt.
Trust the above adequately clarifies.
Should you have any further question, please feel free to call/revert.
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Unit Linked Pension Plan (ULPP): Surrender value will be taxable in the year of receipt.
Unit Linked Pension Plan (ULPP)
Policyholder can take out 1/3rd of the corpus tax-free under section 10(10D) of IT Act and rest should be used to buy annuity. Annuity will be treated as income and taxed as per applicable tax slab rate.
Sir but need to check the Policy before commenting more. You can mail details at modani005@gmail.com
Hello SIr,
You will have to refer your policy documents in order to determine if your policy is taxable or exempt at the time of redemption. It makes no sense investing in a policy taxable at the time of redemption, your agent should have informed you about it.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hello,
Pension plans if any are taxable on maturity.
Regards
CA Keerthiga Padmanabhan
M.Com., CA, LLB
