
The finance minister removed the tax exemption available on maturity proceeds of high premium Unit Linked Insurance Plans (ULIPs) on the ground that “high net worth individuals are claiming exemption under this clause by investing in ULIPs with huge premiums”, and that was not the legislative intent of this clause. The tax-free status for interest accrued on high-value Employee Provident Fund (EPF) contributions was also removed on similar grounds. Hence it is strange that the exemption on maturity values of high-premium traditional insurance policies has continued.
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Already a premium subscriber? LOGIN NOW
What you get on Business Standard Premium?
-
Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
-
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
-
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
-
Pick your 5 favourite companies, get a daily email with all news updates on them.
-
26 years of website archives.
-
Preferential invites to Business Standard events.

Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Sun, April 25 2021. 21:33 IST
RECOMMENDED FOR YOU