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Withdrawal from ULIP

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(Querist)
25 January 2011 Dear Collegues,

Please let me know, if i will withdraw from ULIP after paying its premium for 3 years, will there be any tax liability under Income Tax Act, 1961 ?

Minimum policy payment period is 3 years in my case.

Even what if i will stop paying premium from 3rd year onwards and get it withdrawn on completion on 5th Year.

Please guide in this matter.

Regards,
CA Samir Makwana
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
25 January 2011 Withdrawal from ulip, before 5 years is taxable.

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