abhi (CA) (55 Points)
02 August 2016
abhi
(CA)
(55 Points)
Replied 02 August 2016
Thank you Sir for replying.
But can u please explain or give supporting law .
CA. Sunil Gokhale
(Teacher)
(1484 Points)
Replied 02 August 2016
Surrender of policy does not amount to transfer of any capital asset. It cannot be taxed under any other head of income.
CA. Sunil Gokhale
(Teacher)
(1484 Points)
Replied 02 August 2016
Surrender of policy does not amount to transfer of any capital asset. It cannot be taxed under any other head of income.
abhi
(CA)
(55 Points)
Replied 02 August 2016
Surrender of policy is equivalent 'relinquishment' of asset , and thus included in defination of transfer of asset.
CA. Sunil Gokhale
(Teacher)
(1484 Points)
Replied 02 August 2016
A policy is a contract of indemnity & surrender amounts to its cancelation rather than relinquishment.
abhi
(CA)
(55 Points)
Replied 02 August 2016
As it is sigle premium policy (growth plan) i.e a 10yrs plan , as i mentioned above ..shall it be a contract of indemnity ..??
coz as per my view , it shall be investmnet .
CA. Sunil Gokhale
(Teacher)
(1484 Points)
Replied 02 August 2016
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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