Clause 155 - Amendment of section 97. - Finance Bill, 2021

Amendment of section 97. 155. In section 97 of the Finance Act (No.2) Act, 2004, (23 of 2004.) (hereafter in this Part referred to as the Principal Act), (i) in clause (13), in sub-clause (b), for the words Mutual Fund; , the following shall be substituted, namely: Mutual Fund; or (ba) sale or surrender or redemption of a unit of an equity oriented fund to an insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after the 1st day of February, 2021; ; (ii) after clause (13), the following clause shall be inserted, namely: (13A) unit linked insurance policy shall have the meaning assigned to it in Explanation 3 of clause (10D) of section 10 of the Income-tax Act, 1961;(43 of 1961.)