Dear sir
Excess amount received from ULIP LIC maturity taxable under capital gain or Other source?
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Taxation Head
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Quick Summary
Earlier any gains made on ULIPs were completely tax free, however, after the Budget 2021 proposal the maturity amount remains tax free only if the aggregate annual premium is up to Rs 2.5 lakh a year. If the annual premium goes above Rs 2.5 lakh then one has to pay capital gains tax on any income earned on it.
Thank you ma'am
Amount invested 1 lakh in 2011
Maturity received- 216000 in April 2021
TDS deducted - 5000
My question
Is it taxable ?
if yes How much amount taxable & under which Head of income.
Amount invested 1 lakh in 2011
Maturity received- 216000 in April 2021
TDS deducted - 5000
My question
Is it taxable ?
if yes How much amount taxable & under which Head of income.
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