vertical privity. 1  The legal relationship between links in a productâs distribution chain. 2  The privity between a person who signs a contract containing a restrictive clause and the person acquiring the property that is so restricted.
The taxation of life insurance proceeds or endowment policy proceeds payable during the insured`s lifetime is governed by Code 72, the same section that governs the taxation of the payments received under annuity contracts.here the proceeds of an endowment or surrendered policy are paid during life in a lump sum, any excess of such proceeds over the cost of the policy is taxable income [I.R.C. 72(e); Reg. 1.72-11(d)]. The gain is considered ordinary income and not capital gain.
What is short term Capital Gain. It is the gain you are getting, when you are selling the mutual fund within 365 days of its purchase. As per the current tax rules, you have to pay 15% tax on the short term capital gains from equity mutual funds. With 3% cess, it will be 15.45%. 2. Debt mutual funds.