Policy amt received from foreign ins. co - whether taxable ?
This query is : Resolved
CA Abhishek Singh
(Querist)
03 February 2013
One of my client was was NRI upto financial year 2009-10 and after that his residential sttus is Resident.
in the financial year 11-12 he received 500000 from the insurance company.
i want to know whether the same is taxable in his hand ?
waiting urgently for your reply.
in the financial year 11-12 he received 500000 from the insurance company.
i want to know whether the same is taxable in his hand ?
waiting urgently for your reply.
CA SAYANTAN BASU
(Expert)
04 February 2013
Dear sir ,
In this case the financial year in which they earn the income is the relevant previous year ..... So in that case , the fy 2011-12 will be relevant previous year .... and it will be taxable in the hands of your client bcoz in the relevant fy 2011-12 , he is resident so ....the amount will be taxable ....
In this case the financial year in which they earn the income is the relevant previous year ..... So in that case , the fy 2011-12 will be relevant previous year .... and it will be taxable in the hands of your client bcoz in the relevant fy 2011-12 , he is resident so ....the amount will be taxable ....
CA. Anuj Gupta
(Expert)
04 February 2013
Here first we need to analyse the nature of money received from the insurance company. If the same is in nature of revenue ,then only he tax ability of
the same shall arise.
Anuj
Femaquery@gmail.com
the same shall arise.
Anuj
Femaquery@gmail.com
CA PARAS BAFNA
(Expert)
04 February 2013
In case the sum has been received under a life insurance policy including bonus, the amount will be exempt U/s 10(10D).
.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Royalty payments to the Mining Department for procurement of murum - GST input
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
