Withdrawal from ULIP
This query is : Resolved
25 January 2011
Dear Collegues,
Please let me know, if i will withdraw from ULIP after paying its premium for 3 years, will there be any tax liability under Income Tax Act, 1961 ?
Minimum policy payment period is 3 years in my case.
Even what if i will stop paying premium from 3rd year onwards and get it withdrawn on completion on 5th Year.
Please guide in this matter.
Regards,
CA Samir Makwana
Please let me know, if i will withdraw from ULIP after paying its premium for 3 years, will there be any tax liability under Income Tax Act, 1961 ?
Minimum policy payment period is 3 years in my case.
Even what if i will stop paying premium from 3rd year onwards and get it withdrawn on completion on 5th Year.
Please guide in this matter.
Regards,
CA Samir Makwana
25 January 2011
Withdrawal from ulip, before 5 years is taxable.
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