Capital gains treatment extended to amounts from unit linked insurance policies lacking life insurance exemption, applicable prospectively. The amendment expands the scope of section 45(1B) so that amounts received under a unit linked insurance policy to which the life insurance exemption does not apply, including bonuses, are chargeable as capital gains and deemed income of the previous year in which received, with taxable income calculated as prescribed; the change is effective from 1 April 2026 and applies to assessment year 2026 27 onwards.
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Capital gains treatment extended to amounts from unit linked insurance policies lacking life insurance exemption, applicable prospectively.
The amendment expands the scope of section 45(1B) so that amounts received under a unit linked insurance policy to which the life insurance exemption does not apply, including bonuses, are chargeable as capital gains and deemed income of the previous year in which received, with taxable income calculated as prescribed; the change is effective from 1 April 2026 and applies to assessment year 2026 27 onwards.
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