Deduction claimed in previous years under Section 80C on the basis of the Ulip premium

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ashish marwah (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

ashish marwah

ashish marwah (Querist)
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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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 September 2024 Good Luck.

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Deduction claimed in previous years under Section 80C on the basis of the Ulip premium

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