https://www.taxtmi.com/caselaws?id=60806 Interest on fixed deposits created from life insurance proceeds was taxable only to the extent of the assessee's beneficial share, not in full. The analysis notes that the proceeds arose under a joint life policy and another policy on the deceased wife's life, and were received by the assessee as surviving co-assured and nominee. Although nomination under section 38 of the Insurance Act entitles a nominee to collect the policy amount, it does not by itself confer exclusive title against other heirs. Because the deceased was also survived by children and the husband, the insurance money was treated as a shared fund, and the interest earned from it had to be apportioned accordingly. en-us Tue, 08 Feb 1983 00:00:00 +0530 Sat, 08 Jan 2011 11:34:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60806 Interest on fixed deposits created from life insurance proceeds was taxable only to the extent of the assessee's beneficial share, not in full. The analysis notes that the proceeds arose under a joint life policy and another policy on the deceased wife's life, and were received by the assessee as surviving co-assured and nominee. Although nomination under section 38 of the Insurance Act entitles a nominee to collect the policy amount, it does not by itself confer exclusive title against other heirs. Because the deceased was also survived by children and the husband, the insurance money was treated as a shared fund, and the interest earned from it had to be apportioned accordingly. Case-Laws Income Tax Tue, 08 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60806