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Equity-linked programs seem to be taken in some type of doubt when it comes to tax smashes. The Cost range 2003 withdrew tax benefits (offered to incentivise insurance) under place 88 and place 10(10D) of the Income Tax Act on those programs where the sum assured was less than five times the annually top quality.
The discussion was that those things were modelled more on the selections of economical dedication products (like typical funds) with very little factor of insurance policy plan and therefore well earned no tax sops under the above-mentioned sections.
So the maturity a look at the following tips were subject to taxation as income from other sources in the hands of individuals.
Then in the budget of 2004, long-term economical dedication benefits was forgiven from tax for all equity-linked typical sources. At the same time, equity-linked programs seem to have been ignored and others having the following tips would thus be after tax on maturity.
The discussion was that those things were modelled more on the selections of economical dedication products (like typical funds) with very little factor of insurance policy plan and therefore well earned no tax sops under the above-mentioned sections.
So the maturity a look at the following tips were subject to taxation as income from other sources in the hands of individuals.
Then in the budget of 2004, long-term economical dedication benefits was forgiven from tax for all equity-linked typical sources. At the same time, equity-linked programs seem to have been ignored and others having the following tips would thus be after tax on maturity.
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