POSTED BY July 6, 2012 5:49 pm ONE COMMENT
ONHi,
I have taken a HDFC ULPP in 2006 and paid premium for 3 years (total investment of 90k). I have stopped the premium payment after 3 years. I have a small profit of 10k in the ULPP. Do I need to pay any tax if I surrender the ULPP? I am planning to open a PPF and close this. Is it advisable to continue with this plan (without paying premium or by paying premium) or surrender it?
Regards
Kalyan
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Dear Kalyan, as the policy in question is a ULPP, the surrender of this policy at any time ‘ll be taxable.
To surrender or not to ‘ll be a personal call. If you do have any insurance attached to this policy, please surrender it as the impact of mort. charges ‘ll pull down your return from this policy.
Thanks
Ashal