availability of exemption u/s 10(10D)
This query is : Resolved
27 August 2008
a professional firm took joint life insurance policy on the life of partners and claiming the premium as deduction each
year.
on the death of one partner the firm got the premium amount.
whether the firm can claim exemption on the full amount received ya only for the amount that exceeds the amount already claimed by the firm?
year.
on the death of one partner the firm got the premium amount.
whether the firm can claim exemption on the full amount received ya only for the amount that exceeds the amount already claimed by the firm?
02 April 2012
Exemption shall be available for the FULL amount received from the insurance company.
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