Well around in march 2005 i got a hdfc unit link pension plan...for which i pay a regular annual premium of 10k......I had no idea wht ill get except the fact that ill get tax benefit on premium paid and all ...
Every year during tax filing also the Ca used to deduct those 10k from my overall income and used to file the remaining as taxable income...
In around 2007 i got intimation under section 143 that i have assessed the income incorrect....and have to pay ard 2k tax...which when i showed to my ca......He said the ppl forgot to count the 10k amt in overall income and forwarded a letter to it dept and suggested to rectify the mistake under section 154 and issue fresh order.....which never came(2007 year)
Now while reading newspaper i came across following article from vivek kaul of dna newspaper
Now i checked my policy and was shocked to see that sum assured is only rs 1k....That means according to artcile i shouldnt get more than 200 rs deduction on tax rather than 10k which i used to get
I dont know whether this stuff used to exist or just came under law now.....
Now seeing that i might be in some messed....i m thinking to surrender the policy...i already have made payment for this year(now overall 5 years).....and the article came just a week bak so had no idea.....I m thinking to continue to claim rebate as normal as i used to do...and than surrender the policy in later part of this year...and get whtever money i have invested and all and invest at some other place...overall 50k invested but the latest premium is not being shown invested somewhere ....so for 40k i had ard 37k amt so far...thats the reason once i see the latest premium getting invested ill surrender
The policy plan details are mentioned here....
http://www.personalfn.com/insurance/productarena/ulip/pension/hdfc.html
Suggestion needed what should i do now?
Every year during tax filing also the Ca used to deduct those 10k from my overall income and used to file the remaining as taxable income...
In around 2007 i got intimation under section 143 that i have assessed the income incorrect....and have to pay ard 2k tax...which when i showed to my ca......He said the ppl forgot to count the 10k amt in overall income and forwarded a letter to it dept and suggested to rectify the mistake under section 154 and issue fresh order.....which never came(2007 year)
Now while reading newspaper i came across following article from vivek kaul of dna newspaper
Now i checked my policy and was shocked to see that sum assured is only rs 1k....That means according to artcile i shouldnt get more than 200 rs deduction on tax rather than 10k which i used to get
I dont know whether this stuff used to exist or just came under law now.....
Now seeing that i might be in some messed....i m thinking to surrender the policy...i already have made payment for this year(now overall 5 years).....and the article came just a week bak so had no idea.....I m thinking to continue to claim rebate as normal as i used to do...and than surrender the policy in later part of this year...and get whtever money i have invested and all and invest at some other place...overall 50k invested but the latest premium is not being shown invested somewhere ....so for 40k i had ard 37k amt so far...thats the reason once i see the latest premium getting invested ill surrender
The policy plan details are mentioned here....
http://www.personalfn.com/insurance/productarena/ulip/pension/hdfc.html
Suggestion needed what should i do now?
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