LIC MATURITY

Vishal ( CA student) (394 Points)

07 February 2017  
A client has made a LIC Policy in around 2007 - 08 and that LIC policy amount is not reflected in the Balance Sheet. He paid the LIC premium through his father's account. 
Now, in this year he received the maturity amount of the policy around Rs. 300,000/- now what treatment will he do in the books of accounts of this maturity amount..