Deductions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 December 2013
I hold 3 ULIP policies. None of these policies has 10 times the annual cover. These were taken almost 4 years back. I know that both policies has good long term loyalty benefits. There are changes in finance act where in now the policy shall have 10 times cover of the annual premium. What will be tax implications in my case.
12 December 2013
Dear Chandrashekar,
the amendment for 10 times coverage is applicable only to the policies issued after 1 April 2012. The policies issued before this date shall have no problem. You can claim deduction for premium paid for such policies regardless of the new amendment.
the amendment for 10 times coverage is applicable only to the policies issued after 1 April 2012. The policies issued before this date shall have no problem. You can claim deduction for premium paid for such policies regardless of the new amendment.
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13 December 2013
FA 2012 ammendments NA in this case as it was issues before 1.4.2012.
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