UTI ULIP 1971
This query is : Resolved
16 November 2010
AMOUNT MATURED IN 2009-10. WHETHER TAXABLE OR NOT? IF YES, HOW TO CALCULATE TAX? PLEASE ADVISE..
16 November 2010
Relevant portion from the scheme is copied below.
The long term capital gains arising on repurchase of units of the scheme is subject to treatment as indicated under sections 48 and 112 of the Income Tax Act, 1961. Accordingly at present the investor is required to pay tax @ 20% and surcharge thereon on long term capital gains after factoring the benefit of the Cost Inflation Index. Finance Bill 2000, proposes that investor can instead opt to pay tax at the flat rate of 10% and surcharge thereon on such long term capital gains.
N.B;- PL NOTE THAT S.C WAS PREVAILING AT THAT TIME.
The long term capital gains arising on repurchase of units of the scheme is subject to treatment as indicated under sections 48 and 112 of the Income Tax Act, 1961. Accordingly at present the investor is required to pay tax @ 20% and surcharge thereon on long term capital gains after factoring the benefit of the Cost Inflation Index. Finance Bill 2000, proposes that investor can instead opt to pay tax at the flat rate of 10% and surcharge thereon on such long term capital gains.
N.B;- PL NOTE THAT S.C WAS PREVAILING AT THAT TIME.
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