Taxable securities transaction expanded to include ULIP-related fund redemptions to insurers, effective retrospectively. Amendment to section 97 expands the definition of taxable securities transaction to include sale, surrender or redemption of units of an equity oriented fund to an insurance company on maturity or partial withdrawal under a unit linked insurance policy issued on or after 1st February, 2021, and adds clause (13A) defining unit linked insurance policy by reference to Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961; the amendment is retrospective to 1st February, 2021.
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Provisions expressly mentioned in the judgment/order text.
Taxable securities transaction expanded to include ULIP-related fund redemptions to insurers, effective retrospectively.
Amendment to section 97 expands the definition of taxable securities transaction to include sale, surrender or redemption of units of an equity oriented fund to an insurance company on maturity or partial withdrawal under a unit linked insurance policy issued on or after 1st February, 2021, and adds clause (13A) defining unit linked insurance policy by reference to Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961; the amendment is retrospective to 1st February, 2021.
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