29 March 2019
This is about single premium ULIP policy where single premium paid in FY 2010-11 is more than 20% of sum assured. 1. Amount received on maturity of ULIP is exempt or taxable ? 2. If taxable, itt is the amout of Total receipts or only Income is taxable? Thanks
30 March 2019
Many Thanks Dear Srinivas... This is painful as per tax payers' views. Isn't there any ruling otherwise... ULIPs are basically Mutual Funds with small contribution towards life insurance... & Income from MFs is exempt u/s. 10 (38). Can anybody enlighten??
CAclubindia
