Tax implication on Unit Linked Investment Plan from Max New York Life Insurance

POSTED BY rajucs3 ON October 26, 2013 12:31 am ONE COMMENT

Dear Sir

I have purchased a Unit Link Investment Plan from Max New York Life Insurance Co, on 28th February 2008. The face value of the Plan is 150000.00 whereas the Annual Premium is Rs.20000/- i.e Rs. 5000/- quaterly. Recently in the month of Sept. 2012 I have surrendered the said policy. I would like to know the income tax implication for the A.Y. 2013-14

One reply on this article “Tax implication on Unit Linked Investment Plan from Max New York Life Insurance”

  1. ashalanshu says:

    Dear Raju, if you have claimed any section 80c benefit in AY 2014-15 i.e. FY 2013-2014, you should inform your employer to cancel the same in current FY. For past FYs’ no reason to worry as being a ULIP, you have already completed more than 3Y of holding period.

    Thanks

    Ashal

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