The single payment of LIC Rs.25,00,000 made by parents in the name of Mr. A when he was minor , when the policy amount Recieved after maturity MR. A is major .
In whose hands the matured policy amount is taxable?
and what is its tax implication?
Menu
Tax implication on amount recieved on maturity of LIC
Replies (5)
Taxable in the hands of receipient..
Is the policy bought before 01.04.2012 or after 01.04.2012 ?
Is the policy bought before 01.04.2012 or after 01.04.2012 ?
before 1.4.2012
it is commenced on 2004
There is a seperate clause for the same.
can i just know whose hand it is taxable either major or their parents
In the hands of Mr. A it is taxable income
Recent Topic
- NPS Premature withdrawl -Tier 1 Account
- Provident fund taxation
- ITR3 AY 26-27 Error in filling status
- Queries on TDS as per IT
- Capital Gains set off on Sale of Land if held for
- ITR Form for income from freelance consultancy
- Gst rate for HSN code 28530010
- Health Insurance
- India GST Mobile App
- Reporting STCG on non equity oriented MF
Related Topics
CAclubindia
