VittSphere ONE Calculators Blog CA Prabhakar Kumar · FCA · ICAI 560762
Case law › Section 56(2)(iv)

Section 56(2)(iv)

What section 56(2)(iv) does, and where it sits. This library holds no authority that turns on it.

No authority in this library turns on Section 56(2)(iv). That is a statement about this library and not about the law: it means no judgment, circular or instruction held here decides a point under it. What the provision does is explained below. If you are looking for a decision on it, say so through the search box — a provision people search for and we hold nothing on is the most useful thing we can be told.

Explained in this library

What section 56(2)(iv) does, in plain English, before you read what the courts made of it.

Keyman insurance: the premium, the maturity money, and the assignment that no longer works

We pay the premium on a keyman policy on our director's life. Is it deductible, is the maturity money taxable, and does assigning the policy to him before maturity make it tax free?