Tax treatment of surrender of ulip policy (lic) of market pl
This query is : Resolved
14 July 2012
Mr. X had invested Rs. 200000 in 2006 in ULIP Policy (LIC) of Market Plus. Now in April 2011 he received (ie. on surrender) Rs. 600000 against it. So What will be the Tax Treatment on surrendering the ULIP Policy (LIC) of Market Plus?
Please guide.
Regards,
Devendra Kulkarni
Please guide.
Regards,
Devendra Kulkarni
CA PARAS BAFNA
(Expert)
15 July 2012
As the plan is run by LIC Mutual Fund
any long term capital gains arising on transfer of such unit is exempt U/s 10(38).
any long term capital gains arising on transfer of such unit is exempt U/s 10(38).
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