As f.b.t is removed now , what is the implication of tax on life insurance policy is given by employer to employee.
case study :
employer is buying a life insurance policy for employee & paying premium for 3 years but it will assign the policy to employee only if employee dont left the job for 3 years otherwise employer will surrender the policy for cash.
weather employee has to pay tax now or only at the time of assigning the policy ?
& on what value of the policy , employee will have to pay tax ?
pls clarify.
with regds
Rupesh shah (ACA)
mob : 9819556886
CAclubindia
