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I have a saving fix deposit in India which was matured on 12-Feb-22. As per the fix deposit statement, interest was credited into FIx deposit account on 12-Feb-22 and by default bank automatically renewed the Fix Deposit for 1 year. On 05-May-22, I requested Bank to close the fix deposit and transfer the maturity amount in my saving bank account. 12-feb-22 and 05-may-22 falls in different tax years.
My question: Should Fix Deposit Interest be considered Income for Tax year ended 05-apr-22 or for current Tax year which will end on 05-apr-23?
I hold a Unit Linked Insurance Product ( ULIP) abroad in India which is a life insurance product with an investment component. The money is invested in units/funds. In India chargeable gain on ULIP is liable for 10% Long Term Capital Gain Tax with Indian Rupees 100000 (approx. £1000) as Capital Gain Tax allowance.
I would like to surrender ULIP. Kindly let me know whether chargeable gain on ULIP will be considered as part of Capital Gain allowance or as normal income.