Good news for ULIP Investors!!!
Heard of EET??. Means, Exempted Exempted Taxed. E means, Investments are Exempted from tax, E Interest earned Exemted from tax and T means Returns on maturity are Taxed.
So far PPF, ELSS had EEE that means they are totaaly tax free. on investment, interested earned and on maturity.. but not any more..
Draft recommandations for budget 2007-08 says that PPF and ELSS will be EET!!!
So, only instrument that is totally tax free is insurance based investments!!!..
As ULIPs come under Insurance Based Products, they won't come under EET tax net!.
Have a look at this article in economic times : http://economictimes.indiatimes.com/PPF_savings_may_be_taxed_on_maturity/articleshow/1647814.cms
Happy investing in ULIPs!
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