Taxability of Single Premium ULIP Policy proceeds
This query is : Open
19 August 2024
Invested in Single Premium ULIP policy in 2005 Rs.1 lakh with coverage of same amount. Current Value is around 18 lakhs. What are the tax implications on partial or full withdrawal. If the withdrawn amount is taxed, it will be taxed under which head. Is there an opportunity to set off Short/Long Term Capital Loss or Business Loss against such withdrawals
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