Insurance Premium
This query is : Resolved
05 March 2009
Please let me know if LIC premium of wife paid by husband what will be implication on the maturity of the policy.
05 March 2009
Receipts from insurance company are chargeable to tax if
1.the amt is recd under a keyman insurance policy.
2.the amt is recd under a pension policy u/s 80-ccc.
3.the premium paid is more than 20% of sum assured in any year.
Otherwise the amount will be exempt in the hands of assessee.
1.the amt is recd under a keyman insurance policy.
2.the amt is recd under a pension policy u/s 80-ccc.
3.the premium paid is more than 20% of sum assured in any year.
Otherwise the amount will be exempt in the hands of assessee.
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