11 May 2016
Sir,an individual had a ULIP policy which he surrendered before making contributions of first 5 years.He received a cheque for the termination.Then will the amount received alongwith amts claimed as deductions u/s 80C in previous years get taxed?Or only amts claimed as deductions will get taxed? and what if no deduction of the same has been neither reported nor claimed in previous years?
12 May 2016
Dear Sir,it it so that the amt received is taxable to the extent it exceeds the indexed cost of acquistion,since the investment being one in the nature of mutual funds.....?
CAclubindia
