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keyman insurance
suppose a keyman insurance policy is taken by a company for one of its directors who is also employee and shareholder of the company.The amount recieved on maturity was given to the director , where this amount is taxable? pgbp/salaries/other sources?
Replies (3)
Not taxable in the hands of the keyman provided the company doesn't claim deduction for the premium expenses paid.
then what about sec.28(Vl)
Sec.28(vi) speaks about the taxability of the matured amount if it is received by the company and for which the company has claimed deduction for the premium expense paid U/s 37(1).
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