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
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perquisite
Replies (1)
As the FBT have now been from from this A.Y. the amount of benefit received by the employee be be treated as the perquisite for employee & it we taxable as salary to the employee. He can claim deduction under sec. 80C towards amt paid. Amount which he will receive will be expempt u/s 10(10D).
With Rgds
Rakesh Shah Mob. No. 9322022283
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