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 ?
Menu
Scope of 10(10BC)
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)?
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).
Recent Topics :
- Utilising Section 54(F) for capital gains reinvest
- GST ewaybill closure and Bill to ship to GST numbe
- TDS ON PARNTER INTEREST
- Share important chapters of ca inter costing
- Free CA Foundation Study Material - PYQs with Sugg
- INCOME TAX
- Moving from old to new tax regime after notice
- Need urgent help on notice
- ITR-3 - F&O Loss adjusted against business inc
- Error - Blank Rows in Schedule SI (ITR-2)
Related Topics :
CAclubindia
