Life insurance for employees
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2011
Firm has taken life insurance policy for its employees. It has paid full amount of premium which has been claimed as deduction as business expenditure.
If this policy is assigned to employee than on maturity, its proceeds are taxable in the hands of employee....?
And if this policy is not assigned to employee than is it taxable to firm on maturity???
If this policy is assigned to employee than on maturity, its proceeds are taxable in the hands of employee....?
And if this policy is not assigned to employee than is it taxable to firm on maturity???
CMA Ramesh Krishnan
(Expert)
12 January 2011
LIC premium paid on behalf of employee. the same will be taxable in the hands of employee in the year of premium paid. so maturity also taxable in the hands of employee only. LIC premium should be assigned to employee only
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Non filing of I T Returns
- TDS on purchase of under construction property from a reseller
- SALARY CAN BE CAPITALIZE
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- Capitalgain tax purposes for valuation report compulsory
- Under marginal scheme
- EPF ECR NEW FILE SEP 17TH 2026
- Import of Software Service.
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- GST on Renting godown to KFCSC for Storage of Raagi
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
