Withdrawl from ULIP

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Hemanth Khatokar (Querist)
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24 January 2011 Sir,

I would like to know whether Part or full withdrawl of money invested in ULIP is taxable in the year of withdrawl.

Prof. Bajaj

Prof. Bajaj (Expert)
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25 January 2011 Dear Hemanth,

The part or full withdrawal from a ULIP before the maturity date will be taxable in the year of withdrawal.

Please feel free to ask if you have any more questions.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 January 2011 Bajaj Ji
What will be the Income tax effect ,if withdrawn after five years of paying contribution. Pl view the situation as a corollary to section 80C (5)(ii) of the Income tax Act,1961.