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ULIPs issued in 2013 but premium in excess of 10% so taxable

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Som Somasundaram

Som Somasundaram (Querist)
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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.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

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16 January 2024 https://www.taxmann.com/post/blog/taxation-of-life-insurance-policies-section-10-10d/

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