REGARDING TAXABILITY OF ULIPs
This query is : Resolved
15 July 2025
If Unit linked insaurance policy has been purchased in the year of 2003 and the policy has been surrendered in the year 2024 before its maturity then what would be its taxability?
And if the amount of premium exceeds Rs. 2,50,000 then exemption upto Rs. 2,50,000 shall be available under section 10(10D)?
And if the amount of premium exceeds Rs. 2,50,000 then exemption upto Rs. 2,50,000 shall be available under section 10(10D)?
15 July 2025
No 10(10D) exemption is available on Maturity or Death.
15 July 2025
So the amount of Surrender value and premium paid shall be taxable under LTCG u/s 112A and exemption of Rs. 2,50,000/- shall not be available?
12 August 2025
The surrender value in 2024 will be taxable as income from other sources.
No exemption under Section 10(10D).
LTCG provisions do not apply.
No exemption under Section 10(10D).
LTCG provisions do not apply.
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