What are the tax implications of the New ULIP after maturity or after surrender?
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What are the tax implications of the New ULIP after maturity or after surrender?
http://www.policywala.com/showthread...-80C-80CCC-80DQuote:
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.[
Main Change -Quote:
Originally Posted by SushantJindal
Unit-linked insurance products (ULIPs) filed after September 30, 2009 will have a lock-in of five years.