Taxability of New Jeevan Dhara Policy

anish (Querist) 05 May 2011 This query is : Resolved
sir
I had taken LIC New Jeevan Dhara Pension policy in 2001 by paying single premium. Policy is termed as deferred annuity for life with return of amount. However it has option to take lump sum annuity or surrender value after 10 years.Can this amount be considered as tax free ? I think only in policy where life is insured, surrendered value is tax free in hand of receiver.Is this lump sum amount which i have received after 10 years in this plan tax free in such situation ?

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soumitra basu (Expert) 05 May 2011
Income from deferred annuity plan is taxable.This is a pension schme. The accretion is not bonus from LICI.

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