Single premium ulip plan was taken 5 years back. 5 % TDS was deducted at source while payout by the company. Is the maturity amount will come under exempted head or I have to pay tax. Thanks.
rajarshi das (11 Points)
12 July 2024Single premium ulip plan was taken 5 years back. 5 % TDS was deducted at source while payout by the company. Is the maturity amount will come under exempted head or I have to pay tax. Thanks.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177741 Points)
Replied 12 July 2024
Generally single premium ULIP plans are not exempted u/s. 10(10D) IT act, due to premium ratio higher than 10% of assured value. Hence they are taxable.