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Income Tax - Highlights / Catch Notes

Home Highlights February 2014 Year 2014 This

Premium paid on Keyman Insurance Policies - once the assessee ...

Income Tax

February 26, 2014

Premium paid on Keyman Insurance Policies - once the assessee after nursing these policies for some time by paying premium thereupon, has been assigned to the partners, then also the payment of such a premium has to be allowed as deduction - AT

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  10. Keyman Insurance Policy - Therefore, the difference between premium paid and surrender value is not taxable in the hands of assignee - AT

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  12. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

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