ULIP REDEMPTION AFTER 5 YEARS IS TAXABLE?
2 years ago
I bought a Single Premium ULIP (Reliance) (1) in 26 July 2011 for 1 lakh (1.25 lakh Sum Assured) and (2) in 07 May 2014 for 1 lakh (1.25 lakh Sum Assured). I surrendered both the policies in 09 January 2021 and received Rs. 2.25 lakhs and Rs. 1.8 lakhs respectively (less TDS @3.75%). Do I have to pay for entire maturity proceeds? I had not claimed 80C benefit in the year of investment. I am in 30% tax slab. If long term capital gain is to be considered then any cost inflation index applicable to consider net gain?
A.Hello Sir.
Your query could be better understand and acknowledge by an chartered accountant or a income tax lawyer. You could find income tax lawyers in your through Vidhikarya.
Thanks
Please rate if you find this advice helpful.
Your query could be better understand and acknowledge by an chartered accountant or a income tax lawyer. You could find income tax lawyers in your through Vidhikarya.
Thanks
Please rate if you find this advice helpful.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hello Sir/ Ma'am
It would be advised to contact a chartered accountant for this query. A chartered accountant could provide with better knowledge in this matter.
Thanks
Please rate if you find this advice helpful.
It would be advised to contact a chartered accountant for this query. A chartered accountant could provide with better knowledge in this matter.
Thanks
Please rate if you find this advice helpful.
Helpful
Helpful
Share
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