Section 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2015 I HAVE TAKEN A ULIP PLAN OF FGI AND CONTRIBUTED RS. 5000 PER MONTH FOR LAST 5 YEARS AND CLAIMED FOR DEDUCTION UNDER SECTION 80C. TODAY I WANT TO PARTIALLY WITHDRAW THE FUND. WHAT WOULD BE THE TAX IMPLICATION FOR THE SAME UNDER THE INCOME TAX ACT.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 March 2015 Basically Investment under 80C all the investment maximum holding period should be 5 years, if you are withdraw before 5 year the withdrawal will be taxable. withdraw after 5 years exempted. not taxable