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Hey, I am a NRI working in UAE....I dont have any…

Hey, I am a NRI working in UAE....I dont have any income from India...However few years back when I…

Hey, I am a NRI working in UAE....I dont have any income from India...However few years back when I came to India, I invested in one ULIP plan of HDFC bank. Paid premium of Rs 1,00,000...Now after 5 years, I want to redeem it...What will be the taxability of the same?


Also if redemption amount is Rs 2,45,000, do i need to file ITR in India??

0
Kanishka Jan. 12, 2018

Taxability of ULIP is similar to that of Insurance Policy...ULIP are similarly governed by Section 80C and Section 10(10D)...If ULIP premium is upto 10% of sum assured, then maturity amount will be exempt under Section 10(10D)...Also, ULIP shall be kept in force for a minimum period of 5 years from the date of taking the policy.Since your total income in India will be less than basic exemption limit, you will not be required to file ITR.Hope it helps...