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?
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Whose hands amount is taxable
Replies (5)
Quick Summary
It's taxable in the hands or policy holder or receipient
It is taxable in the hands of proposed.
Payment was made by Parents but received by Son ...
So it is taxable in the hands of Son ..
So it is taxable in the hands of Son ..
| Originally posted by : sabyasachi mukherjee | ||
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It is taxable in the hands of proposed. |  |
Who is "proposed" ?
Therefore, the insurance maturity proceeds are taxable, and not entitled to exemption under section 10(10D) of the Income Tax Act. Sandesh surrendered the policy on maturity on 16 September 2019. Since the maturity payment is above Rs 1 lakh, the insurance company is liable to deduct tax on the maturity proceeds.
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