July 4, 2011 5:33 pm
I have loss in ULIP (14000) and ELSS (1000), can i use this losses to reduce tax?
If yes, what is the procedure?
No You cannot claim these losses in tax filing.
over what period of time?
if over 1 year, then you cannot decrease tax.
ELSS by def, require 3 years.
Ulips cannot get any money before 3 years (previous norms), and 5 years (newer norms).
So the answer is No, anyways.
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