How should amt received from lic be treated in tax laws
This query is : Resolved
25 January 2016
A keyman Insurance Policy was purchased by Co. in 2005 and later it was assigned to the director of the company. He regularly pays the premium amount of the same and consequently claim deduction of the loan.
During 2014-15, the LIC policy was matured and an amount of Rs.36,70,000/- was received with details as follow:
Basic Amount : 25,00,000
Vested Bonus : 10,57,500
Interim Bonus : 1,12,500
Gross Payable : 36,70.000
Now TDS has been deducted u/s 194DA of Rs.73,400/- which is 2% of Rs.36,70,000/-.
What should be its tax transaction???
During 2014-15, the LIC policy was matured and an amount of Rs.36,70,000/- was received with details as follow:
Basic Amount : 25,00,000
Vested Bonus : 10,57,500
Interim Bonus : 1,12,500
Gross Payable : 36,70.000
Now TDS has been deducted u/s 194DA of Rs.73,400/- which is 2% of Rs.36,70,000/-.
What should be its tax transaction???
25 January 2016
It is taxable on the hands of the Director under the head Income from Other Sources
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