Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights October 2012 Year 2012 This

Addition on account of surplus from sale of ULIP – As major ...


ULIP Surplus from Mutual Fund Investments to Be Treated as Capital Gains on Maturity.

October 4, 2012

Case Laws     Income Tax     AT

Addition on account of surplus from sale of ULIP – As major portion is invested in mutual funds therefore, surplus on maturity of the policy should be treated as capital gain. - AT

View Source

 


 

You may also like:

  1. The case deals with the applicability of Section 54EC of the Income Tax Act, which provides exemption from capital gains tax if the gains are invested in specified bonds...

  2. ITAT ruled on capital gains taxation for mutual fund units, determining that units of mutual funds constitute a distinct security category under Article 13(5) of the...

  3. Correct head of income - interest on FD and gain of sale of mutual funds invested out of unutilized borrowed fund - interest/gains earned by the assessee company during...

  4. Surplus earned on the sale of plot - ‘capital gain‘ OR ‘business income’ - There is no clause in the partnership deed about making investment in the land and to earn...

  5. Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for...

  6. LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

  7. Non-resident assessee, a regular income tax filer, was subject to best judgment assessment u/s 144 for unexplained investment in mutual funds u/s 69. Assessee submitted...

  8. Nature of Income – Mutual funds sold - business income or capital gains - units of mutual funds are not freely transferable nor tradable and thus cannot be categorized...

  9. The case involved determining whether gains from the sale of shares allotted in an IPO should be classified as Short-Term Capital Gains (STCG) or business income. The...

  10. Investment of surplus fund by a coop society, no deduction u/s 80P – Supreme Court

  11. SEBI issued a regulatory clarification for Specialized Investment Funds (SIF), modifying two key provisions. First, paragraph 12.27.2.4 regarding securities maturity in...

  12. Claim of interest expenditure - Nexus between investments and borrowed funds - A clear and direct nexus has to be established between the loan funds and the investments...

  13. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

  14. Income earned profit on sale of mutual funds - capital gain OR business income - Holding period of the assessee is minimum of 72 days and maximum of 186 days - profit of...

  15. Correct head of income - the nature of gains from mutual fund redemptions - these gains were capital gains, not business income - no substantial question of law arises - HC

 

Quick Updates:Latest Updates