Section 10 10 (D) benefit for ULIP?

What happens if I surrender my ULIP after keeping it for more than 5 years? Do I have to show the entire proceeds as income for income tax? Or can I get section 10 10(D) benefit for it and remove it from income?
Let me rephrase my question better. Should I go with ULIP for the 10 10(D) benefit alone. I mean with mutual funds and share trading, won’t I have to pay income tax on any gains?
Also any take on which is better? ICICI Pru Ace or Bajaj iGain?

Income tax treatment of LIC M.F.-Unit Linked Insurance Scheme, units’ sale proceeds?

I have units in LIC MF – Unit Linked Insurance Scheme (previously known as Dhanraksha), which matured after 15 years on 31.03.2007, but I continued with the scheme. During all these years dividend declared by the scheme was reinvested in the scheme and proportionate units were allotted at the prevailing rates. I used to take credit for the dividend amount in the relevant year, in my books. Now, the NAV is much below the rates at which these were allotted to me. If I sell these units at the prevailing NAV, there will be a loss. My query is – if I sell all these units and book loss, how the same will be treated in my books, for Income-tax purpose ?
– Arjun Kumar Miharia

26/4, Shib Krishna Daw Lane

Kolkata 700 054

Is there capital gains on factory property sold to pay bank debts?

As our company went into losses, we had large bank debts which had to be settled. The factory land and building was sold and the payment made directly to the bank to settle the debts. In fact even after selling the same, a small amount of debt remained outstanding. In this case when no sale proceeds has been received by me and when the company is also loss making is capital gains tax payable? What about properties sold under Bank DRT through SARFESI act?