Lic policy

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Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Can an individual assessee show his Life insurance policy in its balance sheet?
If yes, then at which value.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 July 2013 u can disclose it At COST.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 can you please tell me what is the cost of LIC Policy.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 July 2013 Inital cost of purchasing lic policy, amount of policy,agents commsion if paid in cheque or bils available etc.

direct exp for investing in policy.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 you means sum assured + all direct exp. am i correct sir.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 July 2013 yes ur correct.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Is premium which i paid every year shall not be included in direct exp.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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06 July 2013 No,
premium is not the cost of acqusition as its recurring exp and not capital exenditure.

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 can i take insurace policy at surrrender value in balance sheet?

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