Is ulip exempt?? urgent

Tax queries 853 views 1 replies
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1/2 CA
589 Points Joined December 2011

HELLO FRINDS 

I WANT TO ASK ONE QUERY. I HAVE  TAKEN ULIP IN 2006 WITH 3 YEAR LOCK IN PERIOD THE POLICY WAS FOR 10 YEAR. NOW I WANT TO SURRENDER MY POLICY .SURRENDER AMOUNT IS AROUND 200,000/- WHICH IS BASED ON FUND VALUE I.E NAV

PLEASE TELL IS IT TAXABLE OR EXEMPT? WITH EXPLANATION & SECTION >

THANKS & REGARDS 

MANNU

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On 09 March 2013 at 17:58 Report
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7558 Points Joined November 2011

If ULIP is surrendered within a period of 5 years from the date of investment then it is taxable else exempt

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On 10 March 2013 at 20:24

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