Investment in ULIP Policy treated as “Capital Asset” u/s 2(14) of Income Tax Act, Accretion on Surrender of Policy Taxable under “Income from Capital Gains” & Not “Income from Other Sources”: ITAT

By Devanand T R - On June 25, 2023 6:00 am - 3 mins read
Investment in ULIP Policy - Capital Asset - Income Tax Act - Accretion on Surrender of Policy - ITAT - Taxscan

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the investment in the Unit Linked Insurance Policy (ULIP) of Life Insurance Corporation of India (LIC) shall be treated as a “Capital Asset” under Section 2(14) of the Income Tax Act, 1961 and the accretion on surrender of the policy shall be taxable under…

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