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I have taken few Life Insurance policies few years before. However i have never claimed the premium paid amount u/s 80C. I have taken loans against those insurance policies. I did not pay back the loans and interest thereon. The insurance policies have not been matured yet. The Insurance company has deducted TDS u/s 194DA @ 2% and forfeited the Maturity proceeds to the extent of loan and interest and refunded the balance. Now in the year of receipt of balance amount how the income to be calculated? |
