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.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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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.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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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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