BASAVARAJ (SERVICE) (37 Points)
06 November 2011i wanted to have more info on tax implications on maturity of keyman insurance
when pol is assigned to keyman without consideration will the surrnder value will be taxed
once the pol is assigned to key man wwhat will be the tax implication on maturity
any relevant tax opinion availble
pl forward any judgement cop y availble
b s patil 9820084635
CA,CMA,CS Karan Gogia
(Employed)
(230 Points)
Replied 06 November 2011
if beneficiary is the employer than taxable under section 28(VI)..
any sum received under a Keyman insurance policy including the
sum allocated by way of bonus on such policy.
Explanation.—For the purposes of this clause, the expression “Keyman
insurance policy” shall have the meaning assigned to it in clause (10D)
of section 10;]
If benificiary is employee than taxable in hand of employee under section 17
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