HSP, a LLP had taken Key Men insurance policy on the life of its Managing Partner. The policy got matured on 13th September, 2017 and amount of ₹75 lakh was paid by the insurers to the Managing Partner. The amount so rec
CS Executive · Tax Laws and Practice · PYQS · June 2018
HSP, a LLP had taken Key Men insurance policy on the life of its Managing Partner. The policy got matured on 13th September, 2017 and amount of ₹75 lakh was paid by the insurers to the Managing Partner. The amount so received on maturity of the policy by the managing partner :
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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