The Central Board of Direct taxes vide notification dated 18th January, 2022 has issued the Income tax (2nd Amendment) Rules, 2022. The amendment clarifies that where the amount is received for the first time under the specified unit linked insurance policy during the previous year, the capital gains arising from receipt of such amount by such person during the previous year shall be computed as follows:
The amount received for the first time under a specified unit linked insurance policy during the previous year, including the amount allocated by way of bonus on such policy excluding the aggregate of the premium paid during the term of the specified unit linked insurance policy till the date of receipt of the amount.
