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Investments in India: How moving to the US changes your tax compliance
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₹2.5 lakh, the maturity proceeds from such policies would be taxed as capital gain on the basis of the recent Finance Bill. However, the tax exemption under Section 10(10D) of the Act would continue for policies with annual premium less than ₹2.5 lakh in aggregate subject to provisions stated therein.
The same provisions would be applicable for NRIs who have purchased a Ulip. (Karen’s example is hypothetical.) Dilshad Billimoria is managing director and principal officer, Dilzer Consultants Pvt Ltd
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