Got payment from lic on death.
This query is : Resolved
03 April 2016
Dear Sir/Madam
One of my client got an lic claim on death of his Son. Lic deducted 2% Tds on that payment.
now i want to know whether above payment is exempted in my clients hands or not.
And if above payment is taxable then how much income should i book.
Thanks in Advance.
One of my client got an lic claim on death of his Son. Lic deducted 2% Tds on that payment.
now i want to know whether above payment is exempted in my clients hands or not.
And if above payment is taxable then how much income should i book.
Thanks in Advance.
03 April 2016
Amount of insurance claim received by nominee is exempt from tax.
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