TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Act 2021 Amends Section 45: New Tax Rules for Unit Linked Insurance Policies and Entity Reconstitution Gains</h1> Section 45 of the Income-tax Act has been amended by the Finance Act, 2021. A new sub-section (1B) has been added, which taxes profits or gains from unit linked insurance policies not exempt under section 10(10D) as capital gains in the year received. Additionally, sub-section (4) has been revised to tax profits or gains from money or capital assets received by a specified person from a specified entity during its reconstitution as capital gains for the specified entity. The calculation formula considers money received, fair market value of capital assets, and the capital account balance, excluding revaluation or self-generated assets.
TaxTMI 
TaxTMI 
