Whom will be taxable claim amt?
This query is : Resolved
20 July 2008
If a person died at the age of 78yrs and he clearly made a will in which entire liabilities and assets belonging to him must be transferred to his wife after his death.
However Insurance Company has name of nominee as his son.
Now on whose name should the Insurance company allot the claim amount for death,Son or wife?
Assuming that the plan is of Cash back Scheme
what will be tax treatment?
However Insurance Company has name of nominee as his son.
Now on whose name should the Insurance company allot the claim amount for death,Son or wife?
Assuming that the plan is of Cash back Scheme
what will be tax treatment?
20 July 2008
Please ask for more details if necessary in solving the problem.
02 April 2012
The insurance company shall give the claim to the nominee only, in this case, the son.
The amount received from the insurance company is exempt u/s 10(10D).
The amount received from the insurance company is exempt u/s 10(10D).
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