Hello members, just wanted to know if I get principle amount of any investement in my account returned after the investment period is over, is that considered as under EXEMPT ICOME? For eg if LIC policy matures and my principle given was 50000/- and bonus and interest was 12000/- so is entire 62000 exempt income or just 12000 is exempt income?? Similarly incometax refunds in accounts are trated as exempt income or it has to be shown nowhere (ignore) in ITR? I think all this is my money that has been returned to me, not income, please comment
3 Replies
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 03 July 2016
income tax refund is not exempt income and required to show in return , it is paid by assessee from his/her income,
interest on refund (if received) is taxable as income from other source"
Soumyajit Maity
(Consultant at Big 5 CA Firm)
(35 Points)
Replied 08 July 2016
1. Amount recieved on maturity of Life Insurance policy id fully exempted.
2. Interest received on Income tax refund is taxable.
Soumyajit Maity
(Consultant at Big 5 CA Firm)
(35 Points)
Replied 08 July 2016
1. Amount recieved on maturity of Life Insurance policy is fully exempted.
2. Interest received on Income tax refund is taxable.
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