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This query is : Resolved
14 July 2011
on sale of ULIP of UTI on 10th year by the legal heir/ nominee of deceased,would the amount received on surrendering of ulip taxable to deceased? The plan of ulip was to run for 15 year.
CA PARAS BAFNA
(Expert)
14 July 2011
UNIP indicates Unit linked insurance plan, which covers the life of the investor also.
The sum is not taxable as the same has been received after the death of the insured.
The sum is not taxable as the same has been received after the death of the insured.
14 July 2011
in case of ulip which had matured but not not withdrawn at maturity. but after 3year latter by the nominee. is gain arise from sale of ulip of uti taxable in the hand of nominee.
CA PARAS BAFNA
(Expert)
15 July 2011
It will not be taxable and exempt U/s 10(10D).
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