The single payment of LIC Rs.25,00,000 made by parents in the name of Mr. A when he was minor , when the policy amount Recieved after maturity MR. A is major .
In whose hands the matured policy amount is taxable?
and what is its tax implication?
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Tax implication on amount recieved on maturity of LIC
Replies (5)
Quick Summary
Taxable in the hands of receipient..
Is the policy bought before 01.04.2012 or after 01.04.2012 ?
Is the policy bought before 01.04.2012 or after 01.04.2012 ?
before 1.4.2012
it is commenced on 2004
There is a seperate clause for the same.
can i just know whose hand it is taxable either major or their parents
In the hands of Mr. A it is taxable income
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