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)
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
Recent Topics :
- Capital Gain on sale of Depreciated Factory Gala
- Interesting Observation from a Recent Income Tax S
- ITR 3 Utility Not Taking Marginal Relief on Net To
- MV Electrosystems IPO Allotment Date, Status Check
- TDS payment code query
- Query on FLAIR return
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
Related Topics :
CAclubindia
