TaxTMI 
TaxTMI 
TaxTMI 
Capital Gain on maturity amount of ULIP - Section 45(1B)
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....ng any previous year any amount under a unit linked insurance policy, to which exemption under clause (10D) of section 10 does not apply, including the amount allocated by way of bonus on such policy, then, any profits or gains arising from receipt of such amount by such person shall be chargeable to income-tax under the head "Capital gains" and shall be deemed to be the income of such person of t....
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....r clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth proviso thereof, including the amount allocated by way of bonus on such policy, then, any profits or gains arising from receipt of such amount by such person shall be chargeable to income-tax under the head "Capital gains" and shall be deemed to be the income of such person of the previous year....
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....axable under the head "Capital Gain". * Computation of Capital Gain under section 45(1B), as per Rule 8AD :- a. Where the amount is received for the first time under the ULIP during the PY, the capital gain shall be computed with formula A-B A = Consideration amount received for the first time under ULIP including any bonus amount B = Aggregate of the premium paid during the term of U....
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....he policies where more than one policy Taken) * Exemption on maturity of Life Insurance Policy - Any sum received under a LIP, including the sum allocated by way of bonus is exempt from tax. * Taxable Policy - Following sum of policy received are taxable - * Received under a Keyman Insurance Policy. * Received where the premium paid is more than prescribed limit (20%, 10%, 15%) given u/s 8....