Hello Esteemed members,
I have come across multiple articles online which mention that if a husband transfers amount to a wife's account and if she subsequenty invests it in a PPF, then the maturity income is not clubbed in husband's income as PPF maturity amount is exempt from income tax.
Does this also apply to ULIP if I pay ULIP premiums for my wife under 2.5 Lakhs per annum?
Yes, eligible ...
Thank you sir, that clears the confusion I have been having for so long !
The reason is same as the redemption amount is tax exempt in both.
Good luck...
RMA And Associates LLP
New Delhi
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KK & Company Chartered Accountant
Pune
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