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PF and LIC Taxation

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 March 2010 Hi,

My client received money as compensation from PF and LIC due to expiry of her husband.

Is that amount received taxable in her hands..?
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M Prabhakar Menon

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M Prabhakar Menon (Expert)
23 March 2010 PF and LIC receipts are not compensations Amt paid by LIC is payment recd on the happening of a future uncertain event for which premiums are paid regularly during the lifetime of the individual.PF is a form of savings.Both are not taxable in the hands of the receipient.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
23 March 2010 AGREE NOT TAXABLE.
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
23 March 2010 agree
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
23 March 2010 agreed
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
23 March 2010 not taxable at all.
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