Taxation of ULIP proceeds to create 'level-playing field' with MFs: I-T dept
The Hindu
Proceeds of high-premium Unit Linked Insurance Plans (ULIPs) has been made taxable to create a "level-playing field" with mutual funds, official sources said on Monday. The Central Board of
Proceeds of high-premium Unit Linked Insurance Plans (ULIPs) has been made taxable to create a "level-playing field" with mutual funds, official sources said on Monday.
The Central Board of Direct Taxes (CBDT), that frames policy for the income tax department, had on January 18 notified the rules stating the method of calculation of capital gains with regard to ULIPs with annual premium of more than ₹2.5 lakh and subsequently issued a circular the next day charting out various aspects of their taxation.
Income-tax department sources told PTI that the rules and guidelines were notified by the CBDT to give effect to the announcement made with regard to ULIPs in the last Union Budget.
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