Answers On Topic: Insurance premium
lets say mr x took a life insurance policy in 2009 whose capital sum assured on death was 500,000 and maturity value was rs 0 and maturity year was 2030 but he surrendered the policy in 2022 and got 7,84,460 and yearly premium he paid was 24,020 is the surrendered value taxable in IFOS or exempted u/s 10(10D)?
► Read Answer
Assessee is Partnership Firm having 3 partners . Son and daughter of the one partner are working as employee for last more than 5 years . All the partners have decided to take the Term Policy( which is not key man Ins Policy) in the name of these employees to safe guard the interest of firm, therefore decided to claim the same as deduction U/SEc. 37 of the Act. The nominee of the policy will be Firm. Whether this is allowable deduction in the hands of firm U/Sec. 37 of the Act ? Whether the premium paid will be considered…
► Read Answer
exemption u/s 10(10D)