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Scope of 10(10BC)

912 views 3 replies
Facts of the case

My relative got compensation from the LIC (based on Government of Telangana farmer insurance scheme )RS.500000/- on account of death being covered in the state farmer welfare insurance scheme

Amount of premium is paid by government to the LIC

Does the compensation is covered under above section10(10BC)?
if not what is tax treatment ?
Replies (3)
It would be exempt income u/s. 10 of IT act. For sub section the terms of the policy required to be verified.
Thank you sir

May I know more detailed
whether covered under section 10(10D) or 10(10BC)?

I repeat, check the terms of insurance; but most probably it should be 10(10D).


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