Key man insurance policy
This query is : Resolved
06 December 2011
In what condition employe recived kay man insurance policy amount and were is taxable and which way he recived it and jb employer krvata he to empoye and uske legal heir kis karan se recivd krte he
07 December 2011
Keyman Insurance Policy amount becomes taxable in the hands of the recipient.
.
A company can transfer the policy to employee, in that case, the surrender value of policy becomes taxable in the hands of the employee. Then onwards the employee has to pay premium on such policy.
.
When the amount is received back by the employee on maturity , the amount so received will be exempt.
.
Legal Heir can get payment, if he has been declared as a nominee in the policy. He can get the amount if the employee dies during the continuance of the policy.
.
.
A company can transfer the policy to employee, in that case, the surrender value of policy becomes taxable in the hands of the employee. Then onwards the employee has to pay premium on such policy.
.
When the amount is received back by the employee on maturity , the amount so received will be exempt.
.
Legal Heir can get payment, if he has been declared as a nominee in the policy. He can get the amount if the employee dies during the continuance of the policy.
.
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