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Policy amt received from foreign ins. co - whether taxable ?

This query is : Resolved 
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(Querist)
03 February 2013 One of my client was was NRI upto financial year 2009-10 and after that his residential sttus is Resident.

in the financial year 11-12 he received 500000 from the insurance company.

i want to know whether the same is taxable in his hand ?

waiting urgently for your reply.
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CA SAYANTAN BASU

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CA SAYANTAN BASU (Expert)
04 February 2013 Dear sir ,
In this case the financial year in which they earn the income is the relevant previous year ..... So in that case , the fy 2011-12 will be relevant previous year .... and it will be taxable in the hands of your client bcoz in the relevant fy 2011-12 , he is resident so ....the amount will be taxable ....
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CA. Anuj Gupta

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CA. Anuj Gupta (Expert)
04 February 2013 Here first we need to analyse the nature of money received from the insurance company. If the same is in nature of revenue ,then only he tax ability of
the same shall arise.

Anuj
Femaquery@gmail.com
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
04 February 2013 In case the sum has been received under a life insurance policy including bonus, the amount will be exempt U/s 10(10D).
.
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