Section 80c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2015
I HAVE TAKEN A ULIP PLAN OF FGI AND CONTRIBUTED RS. 5000 PER MONTH FOR LAST 5 YEARS AND CLAIMED FOR DEDUCTION UNDER SECTION 80C. TODAY I WANT TO PARTIALLY WITHDRAW THE FUND. WHAT WOULD BE THE TAX IMPLICATION FOR THE SAME UNDER THE INCOME TAX ACT.
22 March 2015
Basically Investment under 80C all the investment maximum holding period should be 5 years, if you are withdraw before 5 year the withdrawal will be taxable. withdraw after 5 years exempted. not taxable
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