How Rich Indians saved Crores in taxes using Life Insurance Policies!
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- Опубликовано: 1 окт 2024
- This video is to guide my students about the logic behind Section 10(10D) of the Income Tax Act, 1961 so that they know why the section is created the way it is.
Section 10(10D) provides an exemption to the Income which an assessee receives on the maturity of a Life Insurance Policy.
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Also note that in the case of a ULIP, unlike a term insurance, you are also charged an amount for receiving the services of fund managers who decide where to invest your money to generate the best possible returns within the broad category of investment avenues that you’ve allowed them to operate in.
If you start investing early in ULIP, then even with an investment of upto 2.5 Lacs every year, you can generate a tax-free income running in several Crores. Happy investing!
P.S. Like all other investments in the market, even the amount invested through a ULIP can go down also as investments in the market are subject to market risk. Invest as per your own risk-appetite.
Correction:- The fourth and fifth proviso to Section 10(10D) is applicable for policies purchased on or after 1/2/21 and not 1/4/21.
To ulip kha se milnge how to purchase
ULIP means?
How to purchase ..please make video on it
Samajne ka junoon aur samjhane wala chhaie 💯 lines 👍🙏
Is the 2.5L cap applicable even if the ULIP was initiated before April 2021?
The premium being less than or equal to 10% of capital sum assured!
Rich people be like: Zor zor se bol k scheme bata de sbko.. !!
Rich ka, Poor ka, sabka raaz kholega tera Faizal
Website mein hai
@@TaxationWithCASahilJain Sir LIC ka agency le lo na i am development officer aap logoka tax saving kariye humare ULIP plan se
@@TaxationWithCASahilJain 🍷😆😆 Ye bhi sahi hai..
Bole tho ek dham Jackaas! 🤓👍
There’s actual smoke coming out of my head.. no one else could’ve explained it like this.. Maza agya!
If I buy a stock or mutual fund units & hold it for more than 1 year wouldn't I have to pay LTCG tax i.e. only 10% which is same as discussed here. So, why to go through such a process of buying ULIPs to save tax ?
0% Tax (Section 10(10 d)) ... not 10% also.
i am not CA student nor a CS student but your videos are so full of highly useful content that i don't miss even a single video. thank you so much sir
My mind tends to remember everything mathematically by learning the logic behind things.. I bet now I won't need to worry 😟 mugging up the % and sum limits 'cause you explained the logic so well. Thank you Sahil Sir. 😁
I think ULIPs are the worst invention in financial products. It serves neither of the purpose, keeping in mind the expenses they charge
Yes. My parents took ULIP (balanced) and it gave only 2.5% returns in 5 years when yhe market is rallied so aggressively. Never go for ULIP. Equity mutual fund + term insurance combo is way more profitable.
Return plus insurance is never a good product. Neither you get good returns nor you get good insurance cover.
Hey man day before I was puzzled with this prov why govt is giving deduction only upto the limits... And I was searching here and there for it.... But next day I see your notification ✌ and my doubt is solved now...
It's like a gift for me without asking you for it 😂
The style of explanation, the to-the-point elaboration, the hard work behind all slides: just WOW!! hats off Sahil ji
ULIPs are not considered as a good investment strategy. Very high cost and poor returns are usually the case with ULIPs. Not a good product to invest into. It's far better to pay long term capital gain tax of 10% on your profits rather than choosing a substandard product like ULIP
Being from Pakistan. I am one of your oldest viewers when u had 22.5k subs. I had watched your every video and because of you I have become interested in learning the tax system of Pakistan. Thanks sir ❤️❤️❤️
@RAKESH BC-20-041 yes big 4 firms operate in Pakistan and stipend rate is 14,500 fixed by ICAP. And gradually increase as you start clearing the final 8 papers during you articleship.
@RAKESH BC-20-041 nahi bro 2000 wala scene jab Acca induct hota Hai firm tab uski starting hoti hai. Jo CA karke aaata Hai usko at least 7-8 hazar firm deti Hai, jabke 14000 ICAP provide karti Hai.
@@NisarKhan-yr3px currency difference bhi to hai
@@rohitmewara9412 yes bro difference Hai INR strong currency Hai PKR se, ajj hi petrol 137 ruppe ka hogaya Hai.
@RAKESH BC-20-041
🤣🤣🤣🤣
Bhai Bhai
Stipend made really laugh
I HAVE NOTICED A COMMON THING IN ALL YOUR VIDEOS THAT YOU DRESS VERY WELL 👌🏻
This "Haanji, Good evening" having a separate fan base😍😂
Sir aap aise aise topics laate ho hi chah k b video skip ni kr skte😅
Is the tax savings even more than the GST paid on the premiums paid?
But the returns generated on endowment policies are so low that it doesn't even beat inflation.
From this pov, endowment policies are not so attractive. But yes if the sole purpose is tax planning then it's reliable.
And that's the point. Government doesn't want you "earning" through policies. We expect a return from policies because we see the same as an "investment" and not as an "insurance".
That's why government set it up in a way that only people who want to get insured obtain the benefit of the same.
If you want better returns, find an actual source of investment, not the insurance
Yes. Term insurance for "Insurance", and "Investment" for returns.
Better invest in equity mutual funds and purchase a seperate term insurance plan.
I am an software engineer & I can say I fall in love with Charted Accountancy
Ur killer smile in tax planning have no words sir....
Sahil sir...
Is there any possibility that Banks can deduct tax in the name of income tax in salary and savings account without concern of Customer.
Question......The given condition of 10% and 2.5 lakh has to be complied every year.
Please make a video on how middle class save taxes🙏🏻
But the rule is not applicable retrospectively, right? People who invested in ulip before 1 April 2021 will still be able to benefit.
Sir phle mujhe itna interest nhi tha tax me but jb se mene aapke videos dekhna start kiya specially case base wale videos... I love taxation more than more... Please Sir aise hi videos upload krte rhna...and I will definitely share videos with my all friends... Thank You ❤️😊
Great Video sir. Very informative. Please keep covering DT sections with real life examples like this.
Really knowledgeable videos Sir.... Please keep doing such a great service to Indians 🙏🏼
👍👍 sahil can u make video on ltcg n stcg shares trading how to save max on that
does the premium that we pay annually , say 2 lakh annualy is that also a deduction in taxable income? and if yes then is it included in 80c or is it extra slab
It's part of 1.5 lac limit under 80C
Sir you are smart , intelligent , man with a great acumen , great personality, style of spea king and altogether a complete package, don't know about others but atleast from my eyes , my opinion and my observation. Learning many things from you sir 😃 😊
Mene lic or tata aia ki 2.5 lakh se jyada ka premium pay kr rha hu or mri income bhi jyada nhi h crores m to kya mujhe maturity pr tax dena hoga kya
Ulip have hidden or unreasonable charges. Otherwise good. Great video
Sir kaise check kare insurance policy hai ya nahi our kitani after deth amount milane wali hai
ELSS aren’t the options better than ULIPs?
Sir this is way too informative.I never thought I would understand something in onehearing.Tgank you so much sir.Now I just need consistent application of this section under various cases so I can remember for longer period
Sir, what is the tax% for ULIP linked insurance purchased in 2013 and 2014?
Sir, how to know which product has which gst rate?
Sir please make videos on life insurance policies... Their conditions and types
Thanks for educating us through your Videos ! :)
Thanks sir for one more intresting video...me gf ke reply ka jitana wait nahi karata utana aapake video ka karta hu...
Sbi chairman wala scam discuss kro sir 200cr ka
Please try to leave a short summary note of each video in pdf format so that we can analyse.
Sir, kaha gayab ho aap video kyu nhi aa rhi
Plzz. Video daalo 🙏
In simple Words,
Sir, U are Unique❣️💯
Grateful, We are knowing, there are such a multiple ways of tax reduction by your unique teaching skills
Han Ji good evening has separate fan base 😍
Awesome Explanation sir...Now I got to know the logic for this and how the rich used to save tax from this ...Thank you Sahil Sir
Sir... Please make detailed ITR filing video's with explanations of section's .
Sir plz make a video on inheritance money or asset like land stock jwellery etc
Sir
Please make video on Trading platforms
Are online platforms authentic and safe?
Is binary option companies legit in india
AGAIN AND AGAIN YOU PROVE YOUR SELF WITH GIVING PRACTICAL CONTENT. UNIQ CHANNEL, I HAVE NOT SEEN SUCH RUclips CHANNEL WHICH GIVES THESE MUCH REAL CONTENT AND GIVES EXPOSURE TO DIFFERENT TAX EVASION PLANNING AND MONEY SCAMS.
I am wondering what is someone starts a new ULIP every year. So, let's say, I take a ULIP in 2021-22 with 5 years of premium payment (let's assume of INR 1 Lakh). Again, in 2022-23, I take another ULIP with 5 years of premium payment. However, in 2022-23, I will be paying INR 2L for 2 ULIPs. Since their maturity falls on separate financial years, will they become tax exempt?
I don't have words sir just amazing you are the one who brings us to the practical world of taxation
thank you sir awesome
I feel - Lawyers & CA’s educate business people to save money & avoid paying taxes.. so whom to blame.?
- Lawyers.?
- CA’s
- Constitution.? (Which CA’s & Lawyers play-around to save & make more money for them & their business clients.)
- Government ? ( I-mean - All governments)
In India - All of them..👆🏼
(& its just not india most of the countries r doing the same)
Peaky Blinders - Everyones a Whor*, we just sell different parts of ourselves.
Thank You Sir Your's Lectures are Precious One Because It's all about the Experience. It takes Much More Time or Unknown For a Long.
In my Case as Accountant.
Didn't know Hidden ( Tax Evasion) things.
As well as in other case If I Eager know those things available Only with a Prescribed Limit Didn't Above My Qualification
For This Am So Thankful to Yours Lecture as gave a Years of Experience within a Minute .
Thank You So Much Sir.😂
What will be tax implications if one pays premium for ULIP of Rs 2.5L plus Rs 50K for Term Insurance ?
Sir as usual highly informative & useful and helps us to learn new things. Thank you very much sir and hope you will continue the same of sharing this knowledge with us.
Sir keep making such logical vedios
If the premiums are under 10% and all policies purchased before 2021 but total premium per year is >2.5L then will I get the sec 10(10D) benefit?
First condition that premium should exceeds 10% (15%) of sum assured is stated in I T Law. Second contion that agrregate premium less than 2.5 lakh in a year is not shown . I am confused.
But what about the Taxability of those ulips which have been issued before 1/2/2021?
This 2.5 lakh premium limit is only for ULIP or it includes all insurance policies?
Superb clarity of thoughts and even better explanation of concepts. Keep it up!
Hi sir if i take a policy where death cover is 19 laks from day 1 and premium is 1 laks yearly for 10 years and maturity ic rs 23 Laks on 20 years so this amount wlii be taxable or non taxable.
Regards
Saurabh Jain
Never ever go for ULIP in your life ever..... I don't understand why they people support this investment
Such a great teacher 😍 Give us pracatical knowledge for our future😍
I got sir utb channel just 2 days ago and now when i am free from my classes i m watching sirs every videos
Never mix insurance with investments and you will be fine. We don't buy an insurance policy to save taxes, we buy it to secure our family in case something bad happens. For that you need at least 10 times your annual income. In order to achieve this from an ULIP, the premium would be very very high in fixed installments.
Why would I do that? Take a term plan PURELY for insurance purpose and invest the rest in equity mutual funds or direct equity, which anyway the ULIP guys do.
Atleast someone understands. These ULIPs only benefit the agents. No one else.
Correct
@@wolverinehulk9387 why don't you write to the government regarding it.
Boht mast smghate h sir ap
Ek 5 se 8 min ke video ancestors property tax pe banao tax kaise bachaye etc✨
Sir in case a doctor has insured himself through insurance policy where in case any person dies due to mistake of doctor insurance company would be liable to pay to patient in on behalf of doctor. Will doctor get premium as deduction u/s 80C
Fooling to invest in waste ulips, save crores of tax…lol… investing 2.5 lakhs at a mere 3-4% returns is a joke.
What about policy which is taken before 1/4/2021
I'm an engineer by profession but I find your videos so much informative I watch them many in the row! Not to mention your soft voice is very soothing :) I'm disappointed with our Indian education system which leaves out such valuable and practical information from the curriculum. But thanks to you, people like me can have them for free. Keep up the good work. God bless you 🙏😇
Ok so, as always ram, shambu, shamu jaise admi ko pakdo aur unke naam pe policy lo maturity date pe power of autonomy krwalo...ho gayi tax planing 😂
Any one wants the details of ULIP policy and wants to take this policy than contact I am a development officer in LIC I have a brilliant plan to save tax every year on ULIP
Sir in this the 2.5 Lac is af all the investments in an year or only Insurance Policy, and also will it be calculated as total received to a nominee or total invested by the person investing, as It can be the case that two parents of anyone are dead in any mishappening and both have investments less than 2.5Lac but total is more than 2.5 Lac
Sri HSBC Bank pe koi video bnao 🐤
Is this applicable for Jeevan umang policy?
Thanks a lot Sir, Very Insightful, having and showing an accurate and deep understanding; perceptive.
Why did you delete the video of 0 tax on Rs 40Lacs stock market income?
Sir I'm 18 . And i make aprox more than 1lakhs. I don't wanna pay taxes 😭and save my money. Please tell me what advice you would prefer to me. My work Is all legal.
@madhw singh then invest this money by taking future guarantee plan from Tata AIA....btw I'm advisor over there😅
Sir you are the best🥰🥰
Sir company mey job kaise milti hai main 2 saal se try kar raha hu delhi ncr mey but nahi mil rahi maine ba kiya hai but account or tally and excel ka knowledge hai naukri Or indeed par bhi resume uploading kiya but nahi mil rahi please help me sir 🙏🙏
Koi bhi HDFC life insurance karna chate he to comment kigiye
the new provision about ulip is applicable for policies taken on or after 1/2/21
ulip is not a good investment because a lack of transparency
Is this appplicable only for ULIPs or for normal endowment policies as well?
It's only for ulip but condition of 10/15 % is also there
Hats off ...ty for enlighting about insurance
Great explanation, sir. Thank you.
Sir if govt want us to be independent so why not govt is independent on there own why they take tax from us
Sirji....if I am paying premium more than 2.5 lakhs...but the policy will mature after 15 to 20 years....how will the government track...20 years back...to find out as to how much premium did I really pay and whether the sum was greater than...2.5 lakhs...does the government really track data before 15 to 20 years.... please clear my doubt 🙏🙏
I will take final classes from you
ULIP s are the worst investment instruments ever 😀
Sir sterling biotech video please
Max premium ke condition ke pichhe ka logic aaj samajh aaya
A question on tax saving on ULIP:
If we invest via ULIP, 10% of the complete investment amount goes towards premium.
Whereas, if we invest in equity(mutual funds or direct), we will be taxed 10% LTCG only on the profit(not on the whole investment amount)
Then how is ULIP better?
Maybe I am missing something here?
Thank you sir for the detailed information
Background me ek dhimi aavaz chal rahi thi kisine notice kiya?
Speak English to garner wider reach
Sir make video on ex sbi chairman
I want a course regarding taxation & gst. I am a law graduate
sir , aapne 1-4-21 se pehle jisne plan buy kia h , unka kya
Sir amendment kis site se milega jis din amended hota h kisi bi section me to income and gst me pls sir bta dijiye