income from business and professions

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mahesh (Querist)
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05 July 2007 “Keyman insurance policy is a life insurance policy taken by a person on the life of another, who is connected to the business as an employer or in any other capacity , either in the present or in the past.” In the statement correct?
1. True
2 False
sir this statments is true or false.

CA Nikita

CA Nikita (Expert)
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07 July 2007 The above statement is partially correct n partially incorrect.... coz “Keyman insurance policy is a life insurance policy taken by a business organization or the professinal organization on the life of an employee,in order to protect the business against the financial loss which may occur from the employees premature death"... See the Memorandum explaining the finance bill,1996... hope this clears ur query...

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