ULIP TAXABLILTY ?

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AMIT (Querist)
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24 July 2010
EXAMPLE,

I PURCHASE A ULIP PLAN OF ICICI
AND PAY ANNUAL PREMIUM OF RS.50000

I WANT TO KNOW THE FOLLOWING QUERY

Q1. IF I PAY THE PREMIUM FOR 3 YRS AND SURRENDER IN THE 4TH YEAR,
WILL I BE LIABLE FOR DEDUCTION UNDER 10(10D) AND 80 C ? PLEASE ALSO EXPLAIN ME MORE ABT 10(10D) APPLICABLITY

Q2. IF I JUST PAY 1ST YEAR PREMIUM AND SURRENDER IT IN THE 4 TH YEAR WHAT WILL HAPPEN ??

PLEASE EXPLAIN POINT WISE AND IN DETAIL, THANKS

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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24 July 2010 pLEASE READ THE ARTICLE ON BELOW LINK.

IT IS USEFUL FOR YOU FOR UNDERSTANDING THE
CONCEPT OF TAXABLITY OF ULIP.

http://www.rediff.com/money/2007/jul/13tax.htm

AMIT

AMIT (Querist)
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25 July 2010 Very thankful to you sir,

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AMIT

AMIT (Querist)
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25 July 2010 Sir,

can u please answer my query on the basis of my condition

condition 1 and 2 please help me