Policy amt received from foreign ins. co - whether taxable ?
This query is : Resolved
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.
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.
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 ....
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 ....
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
the same shall arise.
Anuj
Femaquery@gmail.com
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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