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Tax treatment of surrender of ulip policy (lic) of market pl

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(Querist)
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
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CA PARAS BAFNA

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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).
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