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?
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Tax queries
Replies (1)
Yes, that is the way it should be; but difficult to get processed from ITD.
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