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?
Menu
Tax implication on amount recieved on maturity of LIC
Replies (5)
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
Recent Topic
- Business income source for husband and wife
- Set off of LTCL against STCG under section 536(2n)
- Audit Workflow tool
- Is CA through direct entry easy for a commerce stu
- Dividend and withholding tax - DTAA- RSU
- NRI Query: Capital Gains Tax Exemption under Secti
- Royalty payment to UK
- Calculate ITR2 tax with equity and non equity prof
- LTCG on residential property sale - Rebate?
- TDS MISMATCH AND AIS
Related Topics
CAclubindia
