Keyman Insurance Policy Maturity Proceeds Taxable; Conversion to Ordinary Policy Also Taxable Says LIC.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 policy and gets converted into an ordinary policy - advantage drawn therefrom is taxable in the hands of assessee - AT....