Q: keyman insurance policy income is treated as:
insurance income/ income from other sources/capital gain/ income from business or profession
1. According to sec 28(vi) any sum received under the Keyman Insurance policy including the sum allocated by the way of Bonus will be taxable as business income. (Subject to sec 10(10D) )
2. Hence, it will be taxable under the head "Profits and Gains from Business or Profession" u/s 28(vi).
Please correct me of the above solution has an alternative view.
CAclubindia
