ULIPs issued in 2013 but premium in excess of 10% so taxable
This query is : Resolved
30 December 2023
Under which head should the maturity gains be shown- capital gain or other sources. specifically under 56(xiii), ulips are excluded for determining income from other sources so it should be treated as capital gains only, but definition of capital asset does not explicitly cover these kind of ULIPs. They only cover ULIPs not exempt under 10(10D) because of fourth and fifth proviso.
16 January 2024
https://www.taxmann.com/post/blog/taxation-of-life-insurance-policies-section-10-10d/
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