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.
Please mark your satisfactory level...
My Dear ,
I thank you for marking the answer as satisfactory.
I have noted.
It will be very nice and helpful to our other members (and the answerer too) if you mark your satisfaction level on the grade scale below.
Please feel free to mark any point. I don't share it with anyone. I use it for doing my internal calculations only. I use these calculations to evaluate the service performance of the relevant virtuoso.
Here is the grade scale:
Thank you,
Yours sincerely,
Anu, Thakurani's bestie
