Taxability of amount received on maturity of lic policy of c

This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
30 July 2013 Dear sir,

I had taken LIC policy in the name of my daughter when she was minor. Now my LIC policy has been matured. So I have received a maturity omount of Rs. 1 lakhs. I have received a cheque in the name of my daughter as she is of 19 years.

My question is that whether above amount will be taxable in my hand or not..? What will be accounting treatment in my books of account..? can I credit capital account by debiting bank account for receipt of maturity amount..?

30 July 2013 i. It is tax free.

ii. Accounting treatment given may be followed.


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries



Follow us


Answer Query