An individual has taken ULIP Deferred annuity policy for ten years, the premium paid for the same is eligible for IT rebate u/s 80CCA. But the person is not availing the rebate under 80CCA but has taken ELSS for Rs.150000 also and availing the rebate u/s 80C. When the ULIP Annuity policy is surrendered the premium component will not suffer tax; only the accumulation ( bonus or NAV appreciation) will be taxed. I expect logical reaction to this statement. Whether this stand is correct?
Menu
Tax queries
Replies (1)
Yes, that is the way it should be; but difficult to get processed from ITD.
Recent Topics :
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
- Why are foreign investors suddenly buying Indian s
- TDS ON IMMOVABLE PROPERTY - PURCHASE FROM NRI &
- Query to Tax Garden tax consultant
- Subject: Urgent Assistance Required – TRACES
Related Topics :
CAclubindia
