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Last Updated On 12-Jul-2021
Oil and Gas

Reliance ULIP purchased in May 2014 with Single Premium and it is pre-matured redemption in the January 2021

Reliance ULIP purchased in May 2014 with Single Premium and it is pre-matured redemption in the January 2021. Please let me know, whether benefit amount is taxable or tax free under sec. 10(10D) for the AY21-22. I am retired since July 2017.

( Mumbai, Maharashtra )

11-Jul-2021

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A.
Dear Sir,
You may approach the chartered accountant for detailed advise basing upon your financial source of income. Normally, such amount is taxable in the hands of tax paid but depending upon your eligibility for getting exemption you may discuss with chartered accountant.

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Posted On 12-Jul-2021
Kishan Dutt Kalaskar
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A.
Hi,
Premium paid on ULIPs is eligible for a deduction under Section 80C up to a maximum of Rs 1.5 lakhs during a year. Further, the amount you receive on maturity is tax exempt under Section 10(10D).
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Posted On 11-Jul-2021
Vidhikarya
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As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions. For policies issued after 1.4.2012, In case the insured suffers from severe disability or disease as specified by the Income Tax Act and rules and his/her policy was issued on or after 1.4.2013, then for them the limit of 10% will be increased to 15%. For this purpose, disability has to be one of those specified in section 80U (like autism, mental retardation) and disease has to be one of those specified in section 80DDB read with Rule 11DD of income tax rules such as blindness.
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Posted On 11-Jul-2021
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