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Pension plans by life insurance cos are taxable

DNMUM394288 | 8/11/2017 | Author : Harsh Roongta | WC :821

personal finance

Brijesh called me with a query on a pension plan. Many years back he had (mis)sold a pension plan with an annual premium of Rs 5 lakh which he had faithfully paid for five years but had since stopped paying. The fund value was around Rs 32 lakh and he wanted to redeem the money. The insurance company had told him that the entire surrender value of Rs 32 lakh would be treated as his income and he would have to pay tax on the full amount.
Brijesh was annoyed about the entire affair. He had assumed that the proceeds were tax free simply because he was dealing with a life insurance company and in his understanding all policies issued by insurance companies were tax free. It was only now that he realised that “pension policies” i
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