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Life insurance for employees

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Querist : Anonymous

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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???
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CMA Ramesh Krishnan

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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
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