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 Topic
- Reabte 87A new regeim for FY 2025-26 (AY2026-27)
- OTP ENTERED BUT NOT PROCESS THE RETURN
- Form 16 Includes Salary Recovered Towards Notice P
- Altera INTC
- Itr schema a.y 26-27 v/s form no.16
- Advance Tax for senior citizen with small speculat
- Zero income tax on Capital Gain on sale of house p
- Rental income calculation for 12months
- PF Withdrawal before completing 5 years
- Discrepancy in "Processed By Source" and
Related Topics
CAclubindia
