Death of the tax payer

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ritu mehta (Querist)
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26 November 2011 if there is a death of the family member before maturity of his insurance and insurance claim is recieved .then what is the tax treatment.if it is exempt then under which sec it is exempt?????

In case suppose died person is Tax Payer?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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26 November 2011 LIC received by legal heir is exempt in the hands of the legal heir.

ritu mehta

ritu mehta (Querist)
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28 November 2011 pls tell me that lic rec. in hands of legal haeir is exempt under which section

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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29 November 2011 Section 10(10D) provides that any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, shall not be included in the total income.

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