Exemption u/s 10(10D) - addition of the surrender value of the ...

Keyman Insurance Policy Surrender Value Taxable u/s 10(10D), Not Altered by Assignment.

December 7, 2020

Case Laws Income Tax HC

Exemption u/s 10(10D) - addition of the surrender value of the assigned keyman insurance policy - On the basis of Section 10(10D) of the Act, with its Explanation 1, the clear position of law which emerges is that the character of the Keyman Insurance Policy does not get converted into ordinary Life Insurance Policy despite its assignment and therefore, any benefit accruing to the employee upon its surrender or encashment will be taxable in the hands of the Employee as "perquisite". - HC

View Source

← Previous Next →

Exemption u/s 10(10D) - addition of the surrender value of the ...

Keyman Insurance Policy Surrender Value Taxable u/s 10(10D), Not Altered by Assignment.

December 7, 2020

Case Laws Income Tax HC

You may also like:

Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

Assignment of Keyman insurance policy by the firm – Taxability u/s 2(24)(xi) r.w. section 10(10D) – nothing is taxable out of the maturity value of the policy received...

Key man insurance policy - Taxability of the sums received on maturity of life insurance policy - Assessee claimed it as exempt income u/s 10(10D) - It was contended...

Disllowances towards premium of keyman insurance policies - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the...

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...

Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under...

Keyman Insurance policy - assignment in favour of the appellant - even though the assignment has happened during the year, surrender value as computed as on the date of...

After assignment of the policy in favour of the assessee, it changes its character from that of a Keyman Insurance Policy to that of an ordinary policy and that once it...

Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

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

Taxability of amount received from LIC on maturity of key man insurance policies - Insurance company has itself clarified that on assignment, it does not remain a keyman...

The surrendered value of keyman insurance policy received during the previous year had also to be considered as part of the composite income on which Rule 8 has to be applied - AT

Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

Demand of services on ‘surrender charge’ retained by the appellant upon withdrawal of ‘insured’ from ‘unit linked insurance policies (ULIP)’ - voluntary withdrawal from...

Disallowance of premium on Insurance Policy - Keyman Insurance Policy - Once the assets are sold, the Keyman policy for the Firm becomes redundant. At the same time, a...

Quick Updates: