Facts of the case
My relative got compensation from the LIC (based on Government of Telangana farmer insurance scheme )RS.500000/- on account of death being covered in the state farmer welfare insurance scheme
Amount of premium is paid by government to the LIC
Does the compensation is covered under above section10(10BC)?
if not what is tax treatment ?
3 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177886 Points)
Replied 13 February 2019
It would be exempt income u/s. 10 of IT act. For sub section the terms of the policy required to be verified.
Y GOPI REDDY
(GREAT POLITICAL LEADER)
(378 Points)
Replied 13 February 2019
Thank you sir
May I know more detailed
whether covered under section 10(10D) or 10(10BC)?
May I know more detailed
whether covered under section 10(10D) or 10(10BC)?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177886 Points)
Replied 13 February 2019
I repeat, check the terms of insurance; but most probably it should be 10(10D).
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