a man has regularly paid all instalments of uti ULIP( 15 year plan). ulip matured in 2006, but the units were not redeemed. after his death , her wife ( nominee) got the units and redeemed the units to get cash from the co.
it is a balanced fund and no STT was deducted , what shall be the tax treatment for the nominee...( capital gains)???
payments from ULIP ( maturity redemption or receipt by nominee) is covered u/s 10(10D) hence its not a taxable receipt.
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