Capital gains taxation on non-exempt ULIP receipts is determined by prescribed premium-adjusted computation rules and year-of-receipt treatment. Capital gains tax applies to profits or gains arising on receipt of any amount, including bonus, from a non-exempt specified unit linked insurance policy, and the receipt is deemed to be income of the year in which the amount is received. The taxable amount is computed by prescribed formulae, using the amount received and aggregate premiums paid, with a separate method for first and subsequent receipts to avoid double deduction of premiums.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains taxation on non-exempt ULIP receipts is determined by prescribed premium-adjusted computation rules and year-of-receipt treatment.
Capital gains tax applies to profits or gains arising on receipt of any amount, including bonus, from a non-exempt specified unit linked insurance policy, and the receipt is deemed to be income of the year in which the amount is received. The taxable amount is computed by prescribed formulae, using the amount received and aggregate premiums paid, with a separate method for first and subsequent receipts to avoid double deduction of premiums.
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