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Date : Jun 15, 2009

Question

partial withdrawls in ulip are taxable or not

Answer

Partial withdrawal amount of ULIP is exempt u/s 10 in case the contribution towards the ULIP is paid for 5 years. Before paying the premium for 5 years if the policy is discontinued then the amount claimed previously as a deduction u/s 80 will be taxed in the year in which the policy is cancelled or surrendered.

 

 

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