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View Full Version : What are Tax implications of the New ULIP?



SushantJindal
10-12-2010, 08:06 PM
What are the tax implications of the New ULIP after maturity or after surrender?

PolicyWala
11-12-2010, 06:26 PM
ULIPs -
If you are looking for tax rebate under ULIPs policies, than you must note that you have a lock-in period of 5 years for 80C deduction purposes. So next time if any sales person tell you that just invest for 3 years, get good return and exit after 3 year. Think twice. Taxman will catch you.
Pension Funds -
The aggregate deduction under Sec. 80C and the contributions to annuity plans or pension funds under Sec. 80CCC or Sec. 80CCD should not exceed Rs. 1 lakh.
The maximum amount deductible under section 80C is Rs. 1,00,000. Also the total amount of deductions under sections 80C, 80CCC and 80CCD is Rs. 1,00,000.[
http://www.policywala.com/showthread.php/1400-Tax-Save-Under-Sec-80C-80CCC-80D

CA_Amit
31-12-2010, 09:17 PM
What are the tax implications of the New ULIP after maturity or after surrender?
Main Change -
Unit-linked insurance products (ULIPs) filed after September 30, 2009 will have a lock-in of five years.