tax treatment of amount recd on death
This query is : Resolved
18 August 2008
LIC Amount recd on the death of a person to his widow.
and other amount from his office other than gratutiy and pf like as staff contribution
and other amount from his office other than gratutiy and pf like as staff contribution
18 August 2008
IT will be taxable in the hands of the widow.
18 August 2008
Amount from LIC policy-not taxable.
Other amount received by collection-taxable, if, together with other income, exceeds the maximum non-taxable limit.
Other amount received by collection-taxable, if, together with other income, exceeds the maximum non-taxable limit.
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