PF and LIC Taxation
This query is : Resolved
Querist : Anonymous
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..?
My client received money as compensation from PF and LIC due to expiry of her husband.
Is that amount received taxable in her hands..?
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.
23 March 2010
AGREE NOT TAXABLE.
Murtaza I Bhagat
(Expert)
23 March 2010
agree
CA Ashok Kumar Sahu
(Expert)
23 March 2010
agreed
CA Ravi Sisodia
(Expert)
23 March 2010
not taxable at all.
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