Surrendered unit linked policy need suggestion?

[NewsDesk]

I had a unit linked policy in Aug 2007, I surrendered it on 23.1.2012. I have claimed exemption u/s 80c IT Act for the year 2010-2011 of Rs 30,000. By surrendering the policy, I will get the surrender money around Rs 99675/-. I need suggestion whether the whole will come under income from other sources or proportionate amount of surrender money comes under tax net.

Via email @ behera.somanath

[Manish_Kumar]

Check your insurance plan whether it is type I or II and also read this article - Link
Surrender of the ULIP, after 3/5 years
The Surrender value of the ULIP plan after 3/5 years (depending on the type I or II) is completely tax-free under 10(10D).

[VarunD]

If the surrender money is taxable then it will be added to your income under head - "income from all other sources" in the FY, it has recieved.