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Rule 91 of Income Tax Rules 1962: Beneficiary not to have any interest in insurance

Rule 91 : Beneficiary not to have any interest in insurance and employer not to have any interest in fund's moneys
(Part XIII : Approved Superannuation Funds)

(1) No beneficiary shall have any interest in any insurance policy taken out by the trustees under the rules of a fund and he shall be entitled only to an annuity from the fund.

(2) No money belonging to the fund shall be receivable by the employer under any circumstances nor shall the employer have any lien or charge on the fund.

Check at Income Tax Dept. official site for latest version of the Rule.

This page was created/last updated on 17th October 2016.