Ppf
This query is : Resolved
05 March 2014
A person dies and his legal heir claims his PPF and LIC policies amounting to more than 10 lacs.
Whether the legal heir has to pay tax on this amounts if he is not normally an assessee
Whether the legal heir has to pay tax on this amounts if he is not normally an assessee
05 March 2014
there is no tax on PPF and LIC maturity pay outs.
05 March 2014
Still slight doubt bec no where a clear cut decision is given. I have searched google since morning. It is not taxable in the hands of the holder but is it not taxable in the hands of the claimant?
05 March 2014
dear Lalitha,
it is not taxable at all - LIC is exempt under section 10(10D) including where received by the nominee.
payments from PPF is covered under 10(11)
it is not taxable at all - LIC is exempt under section 10(10D) including where received by the nominee.
payments from PPF is covered under 10(11)
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06 March 2014
Thank you so much Mr. Nikhil. In that case the client need not file the return in India. But if he is an NRE whether this amount is to be declared in US Return? - Thanks in advance.
Some people say this year it is going to be included.
Some people say this year it is going to be included.
10 March 2014
Dear Nikhil,
A lady who is drawing family pension - whose husband's death occurred while flying on battle inoculation training - is her family pension fully exempted from tax.
Thanks a lot in advance
A lady who is drawing family pension - whose husband's death occurred while flying on battle inoculation training - is her family pension fully exempted from tax.
Thanks a lot in advance
15 March 2014
A lady getting family pension of her spouse who met with an accident and died while flying on battle inoculation training [some thing like preparation for war] is her family pension fully exempted from tax
15 March 2014
yes if it is covered under 10(18) and 10(19) of the act.
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17 March 2014
Thanks a lot Mr. Nikhil
17 March 2014
you are welcome Lalitha....
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