Taxation of Gift

gift in kind fully exempt........

No, it  is not taxable.

The entry will be like other gifts as per under:

Asset A/c    Dr.

     To Capital A/c

An assessee received his lic policy amount on the maturity date(22/07/2008).Is the amount taxable while filing his returns for the A.Y.2009-10?

An assessee received his lic policy amount on the maturity date(22/07/2008).Is the amount taxable while filing his returns for the A.Y.2009-10?

No it will not be taxable

If Assessee receives Gift in Kind is it taxable? What should be entry for accounting Purpose?

Gift in kind is fully exempted hence not taxable