08 July 2009
I started investing 15k each year in ULIP plan in 2005 and the last payment was in August 2008. ecently I have redeemed my ULIP insurance which was running in loss.
What is the tax implication? Do I need to file revised returns for 2007-08? Please advise.
08 July 2009
The receipt is non-taxable u/s 10(10D) and if the amount is withdrawn in 3 years, the deduction earlier taken will be deemed as income in the cuurent year. No need to revise return of 2007-08.
CAclubindia
