Section 37
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 December 2012
a company or partnership firm or any other entity except Individual and HUF paid insurance premium (whether life Insurance / Medical/ Health ? term) on life of employee or Director of the Company or Partner of the firm or any other Key Persons of the entity. whether it is deductible as expenditure ?????
further whether it is taxable in the hands of assured person.??????
further whether it is taxable in the hands of assured person.??????
Amol S Joglekar
(Expert)
21 December 2012
Yes, it can be claimed as expenditure. It is one way or other.... if not claimed under 37 can be claimed under perquisites.
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