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What is perquisite tax on expenditure to pay life insurance?

This query is : Resolved 

09 March 2012 If a company pays the premiums under employer employee scheme, if the policy is being assigned to the individual after a few years, Perquisite Tax is liable on surrender value.

What is the percentage of Perquisite Tax?

I understand IT or Perquisite Tax is not liable if the premiums paid till then are less than 20% of sum assured. Please comment

31 March 2012 In this case no perquisite as the installment is paid by the employee himself and the company's liability seizes.



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