https://www.taxtmi.com/highlights?id=55790 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 en-us Mon, 07 Dec 2020 11:07:46 +0530 Mon, 07 Dec 2020 11:07:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55790 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 Highlights Income Tax Mon, 07 Dec 2020 11:07:46 +0530 https://www.taxtmi.com/highlights?id=55790