I had sold an ULIP in Jan 2016 and incurred loss. What is the tax treatment ? Where can I show that loss ? I'm NRI.
Please suggest me on this...
Thanks in advance..
Sai Manikanta Vadrevu (Senior Tax - US Individual Taxation) (70 Points)
03 August 2016I had sold an ULIP in Jan 2016 and incurred loss. What is the tax treatment ? Where can I show that loss ? I'm NRI.
Please suggest me on this...
Thanks in advance..
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160332 Points)
Replied 05 August 2016
Usually more than five years old policy, with less than 10% premium over assured amount; then totally exempt. If either of the condition not satisfied, it may become totally taxable.
Sai Manikanta Vadrevu
(Senior Tax - US Individual Taxation)
(70 Points)
Replied 05 August 2016
Thank you Sir.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"