Dear Sir,
I think section 10(16) but not sure. If the plan was taken to meet the cost of education of the daughter then the above section but still I recommend you to confirm it.
Thanks
My client has received the maturity/redemption proceeds of his daughter's UTI Children's Career Balanced Plan - I wish to know whether the proceeds are exempt (if yes under which section) or is it taxable with indexation benefit - Please clarify
Dear Sir,
I think section 10(16) but not sure. If the plan was taken to meet the cost of education of the daughter then the above section but still I recommend you to confirm it.
Thanks
It's better you look at the policy documents. It will be mentioned in the policy documents.
Because, taxability varies from policy to policy.
Only the proceeds from equity based funds are exempted. As the fund which you have mentioned is a hybrid fund the proceeds are taxable.
Hi,
My suggestion would be to check the policy document as it should have the details and taxability of the policy. Since policies differ in nature and terms of taxability, it will not be possible to advise something with certainty here.
Regards,
Nikhil
Dear Sir,
Hope you are doing well !
It is advisable that first you should go through policy documents.
Taxability is differ from policy to policy.
Thanks & Regards,
Payal Chhajed
Plan you mentioned is debt oriented mutual funds where only 33% of portfolio is invested in equity. Holding period for long term capital gain is 3 years with indexation benefit.