Hello Everyone,
I want to seek your help.
I had invested in SBI ULIP 10 years ago and I stopped paying the premium after the lock-in period.
since the ULIP is closed and the funds are divested. The bank is returning the funds with profit.
I paid the premium from the SBI NRE account which is now closed.
I also have an Axis NRE bank account and an NRO account. However, I have asked the bank to return the funds to the NRE account.
Will there be any taxing issue if I get it in the NRO account? I mean do i have to pay additional tax?
what kind of tax option will it fall into?
do I have to pay TDS or the Axis Bank will pay?
CAclubindia
