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Key Man Insurance Policy

Amount received by an resident individual under key man insurance policy. How the taxablilty incure ? Its Excempt u/s 10(10D) . I was seen this as business income in the previous RTP Nov 2019 (Q no : 10 )


Tinoj Joseph

Tinoj Joseph

CA Inter

430

19-Jun-20 18:53

24

Answers (3)

Key Man insurance policy was not covered in section 10(10D) as it was taken on life key employees so exemption not available.


KEERTHI PRIYA

KEERTHI PRIYA

Moderator

19-Jun-20 19:36

KEERTHI PRIYA Moderator

Key Man insurance policy was not covered in section 10(10D) as it was taken on life key employees so exemption not available.

Keyman insurance policy received : 4.5 Lakhs How taxablilty occur ?


Tinoj Joseph

Tinoj Joseph

CA Inter

430

19-Jun-20 20:04

Tinoj Joseph

Keyman insurance policy received : 4.5 Lakhs How taxablilty occur ?

As i said you earlier, it was not covered under 10(10D) hence liable to tax,please see attachment for more clarity.

Attachments

!0(10D).jpeg


KEERTHI PRIYA

KEERTHI PRIYA

Moderator

20-Jun-20 10:17

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