If total income exceeds 50 lacs only because of CG from sale of immovable property do we still have to submit Asse Liability Statement. Excluding such gains TI is around 20 lacs.
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 21 July 2024
Yes, filling AL in this case mandatory.
Ramadevi Srinivasan
(CA Job)
(65 Points)
Replied 21 July 2024
Ok thanks. I understand all assets including shares MFs etc., to be given at cost?
For LIC term policies can we give the amount of premiums paid till date? What about LIC Annuity Policy where no return of purchase price - only lifetime annuity.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 21 July 2024
1.Yes
2. Not in practice, it is considered as expense. On maturity is is added to capital account.
3. Not applicable.
Ramadevi Srinivasan
(CA Job)
(65 Points)
Replied 21 July 2024
So LIC policies need not be included at all?
These are endowment policies with profit here are a set of 16 policies taken in 2006 with each policy maturing in successive years (from 2023 till 2037). I was thinking whether the surrender value of these policies have to be got from LIC.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177713 Points)
Replied 21 July 2024
If they are taxable on maturity, they are considered here. But generally, insurance policies tax-exempt u/s. 10(10D) are not accounted in BS.
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