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CA-Inter-Taxation-Compiler
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1115

March 2025

2024/2025

A+
Mr. A has taken two ULIPs. ULIP “X” is issued on 1.1.2023 and ULIP “Y” on 1.5.2024. The sum assured of ULIP “X” and ULIP “Y” is ₹ 30 lakhs and ₹ 40 lakhs, respectively. The annual premium paid by Mr. A during the P.Y. 2023-24 is ₹ 3 lakhs and ₹ 4 lakhs, respectively. What would be the taxability of the consideration received by Mr. A on maturity of both the ULIPs? (a) Consideration received on the maturity of ULIP “X” would be exempt u/s 10(10D) while the profit...
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