by inderbundela » Sat Feb 14, 2009 07:54 am
if a unit linked insurance plan is taken by a corporate , please answer the followings.:-
1) Is the all amount of investment which includes mortality charges and investment portion both deductible U/s 37 !
2) If the policy is assigned to employee before maturity of the policy and subsequent premiums are paid by employee what is the value of perquisite to be taxed in the hands of employee ! will it be surrender value if any on the date of assignment ?
1) Is the all amount of investment which includes mortality charges and investment portion both deductible U/s 37 !
2) If the policy is assigned to employee before maturity of the policy and subsequent premiums are paid by employee what is the value of perquisite to be taxed in the hands of employee ! will it be surrender value if any on the date of assignment ?
Posted: Tue Apr 28, 2009 11:11 am Post Subject: taxability of amount recd. on keyman insurance policy
policy has assigned in favour of keyman before maturity & keyman has paid premiums thereafter ; surrender value received by keyman upon maturity of policy
Posted: Mon Aug 22, 2011 07:59 am Post Subject: keyman insurance policy
HDFC had issued Keyman Policy in March 2005 with the limited premium for 3years. It was made to understand that if the policy is assigned to the keyman after making 3 installments of premium but before the expiry of 3rd anniversary then the surrender value will be zero and accordingly while assigning the policy as above HDFC has written in the column of consideration as zero. After assignment, the policy was to be considered as normal life insurance policy and on surrendering the same to HDFC and amount equivalent to premium paid was received by the assignee and accordingly the payment received from the HDFC by the assignee was claimed as exempt. Please claritfy whether the stand taken by the assessee is correct and please site suitable case laws on this subject.
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