Is 1010D exemption applicable for money received by terminated ULIP Policy? I have paid premium for 5 years and sum assued was 10 times of annual premium, please advice
Menu
1010D Exemption for terminated ULIP Policy
Replies (2)
Quick Summary
Section 10(10D) provides for exemption with respect to any sum received under ULIP, including the sum allocated by way of bonus on such policy. However, if the premium payable for any of the years during the term of the policy exceeds 10% of the actual capital sum assured, then no exemption under this section would be allowed with respect to the sum received under the policy. Such situation hereinafter referred to as 'excess premium'.Hence no exemption will be allowed in this case
In my case, premium payable is exactly 10% of basic sum assured, I am attaching screenshot of premium and sum assured for terminated policy, please advise.
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
