Amendment of section 98.
156. In section 98 of the Principal Act, in the Table, after serial number 5 and the entries relating thereto, the following shall be inserted, namely:––
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“5A.
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Sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the first day of February, 2021
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[0.001] Seller" per cent.
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Notes on Clauses:
Clause 156 of the Bill seeks to amend section 98 of the Finance Act (No.2) Act, 2004.
It is proposed to insert serial number 5A and entries relating thereto in the Table in section 98 so to provide that the rate for sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after 1st February, 2021.
This amendment will take effect retrospectively from 1st February, 2021.
