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sanjay (Querist)
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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

CA PARAS BAFNA (Expert)
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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.

sanjay

sanjay (Querist)
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14 July 2011 in case of ulip which had matured but not not withdrawn at maturity.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

CA PARAS BAFNA (Expert)
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15 July 2011 It will not be taxable and exempt U/s 10(10D).

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