Deduction claimed in previous years under Section 80C on the basis of the Ulip premium
This query is : Resolved
08 August 2023
Dear All
I have query regarding the surrendering of the ULIP policies which I bought in the year 2005-2006.I have been paying the premium ever since I bought the policies. Now I want to surrender the policies. My question is regarding the tax implications based on deduction claimed in previous years under Section 80C on the basis of the ULIP premium. Please note one is ULIP policy and other one is pension plan yearly premium.
I have query regarding the surrendering of the ULIP policies which I bought in the year 2005-2006.I have been paying the premium ever since I bought the policies. Now I want to surrender the policies. My question is regarding the tax implications based on deduction claimed in previous years under Section 80C on the basis of the ULIP premium. Please note one is ULIP policy and other one is pension plan yearly premium.
08 August 2023
For all the premium paid within last five years from the date of surrender of the policy will be taxable, if sec. 80C benefit claimed over it.
Better wait till its maturity, if not very long.
Or redeem it partially.
Better wait till its maturity, if not very long.
Or redeem it partially.
08 August 2023
Dear Sir
When i bought the ULIP and pension policy the locking period was 3 years at that time. So the time period should be 3 years instead of 5 years. Please confirm
When i bought the ULIP and pension policy the locking period was 3 years at that time. So the time period should be 3 years instead of 5 years. Please confirm
08 August 2023
Yes, but that lock in period terms are for surrender of policy to get any refund; not for any claim for 80C deduction. For deduction under sec. 80C of IT act minimum period of investment should be five years, unless it is matured.
11 September 2024
Good Luck.
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