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key man insurance

sudarshan shetty (Chartered Accountant) (42 Points)

29 December 2007

Whether keyman insurance premium paid of a Partner to whom no salary is paid during the current year allowable under Income Tax as an expense?

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Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 30 December 2007

check out :: https://icai.org/icairoot/publications/complimentary/KeymanInsurance.pdf

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The situation is different in case of working and non-working partner. In case of non-working partner, no amount paid to him shall be deductible within the meaning of SEc.40(b)(i). In case of working partner, the amt. shall be deductible if such is provided in the partnership deed.[SEc.40(b) ]