Tax queries

vsraj (administration) (136 Points)

17 August 2019  

An individual has taken ULIP Deferred annuity policy for ten years,  the premium paid for the same is eligible for IT rebate u/s 80CCA.   But the person is not availing the rebate under 80CCA but has taken ELSS for Rs.150000 also and availing the rebate u/s 80C.  When the ULIP Annuity policy is surrendered the premium component will not suffer tax;  only the accumulation ( bonus or NAV appreciation) will be taxed.   I expect logical reaction to this statement. Whether this stand is correct?