Interest on lic is taxable or not ?
This query is : Resolved
Hari Haran C
(Querist)
07 September 2015
The trust which has invested in LIC and the LIC is paying Interest to Trust it is taxable or not ? please reply sir
Amol S Joglekar
(Expert)
07 September 2015
It is very much taxable. Why do you think it is NOT taxable in the hands of trust?
07 September 2015
Hi,
It will be counted as receipts in the hands of the trust and if it is registered trust you need to spend 85% of the receipts. In case you have done that there wont be any tax implications.
It will be counted as receipts in the hands of the trust and if it is registered trust you need to spend 85% of the receipts. In case you have done that there wont be any tax implications.
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