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One of my relatives has passed away in June 201...

One of my relatives has passed away in June 2018. He had a life insurance policy of five lacs. His son wants to claim for the proceeds. Is it liable for the tax?

One of my relatives has passed away in June 2018. He had a life insurance policy of five lacs. His son wants to claim for the proceeds. Is it liable for the tax?

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Jeeba Lal Jul. 05, 2018

Insurance sum received by the legal heir or family on the demise of a family member is not liable for the tax.

A per the act. if any amount has been received by the nominee or legal heir of the assessee, on the death of such assessee, the amount would not be chargeable to tax.

One of my relatives has passed away in June 2018. He had a life insurance policy of five lacs. His son wants to claim for the proceeds. Is it liable for the tax?

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