Single premium ulip plan was taken 5 years back. 5 % TDS was deducted at source while payout by the company. Is the maturity amount will come under exempted head or I have to pay tax. Thanks.
Single premium ulip plan was taken 5 years back. 5 % TDS was deducted at source while payout by the company. Is the maturity amount will come under exempted head or I have to pay tax. Thanks.
Generally single premium ULIP plans are not exempted u/s. 10(10D) IT act, due to premium ratio higher than 10% of assured value. Hence they are taxable.
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