What is the deductibility of premium paid under keyman insurance policy in the hands of the employer and taxability of the benefits received at the time of maturity?
2 Replies
CA VISHAL B.DAVE
(employee)
(25 Points)
Replied 25 July 2007
hi mr.dutta nice talking u through this medium.
premium is deductible as business expenditure u/s 37. if they key person dies, it will be taxable on the hands of receipient as income from other sources. if received by the key person it is taxable as profit in lieu of salary.do tell me if i m mistaken any where.take care bi
shrabani dutta
(CA final student)
(110 Points)
Replied 25 July 2007
Thanks Vishal 4 ur reply , but Im miss shrabani not mr. Keep giving replies.
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