perquisite

As f.b.t is removed now , what is the implication of tax on life insurance policy is given by employer to employee.

case study :

employer is buying a life insurance policy for employee & paying premium for 3 years but it will assign the policy to employee only if employee dont left the job for 3 years otherwise employer will surrender the policy for cash.

weather employee has to pay tax now or only at the time of assigning the policy ?

& on what value of the policy , employee will have to pay tax ?

pls clarify.

with regds

Rupesh shah (ACA)
mob : 9819556886