Money back is received on a life insurance policy every 5 years. At the year of receipt is it taxable or exempt. If exempt, under which section? Can one use ITR-1 SARAL-2 to declare this income. If it is exempt, where should it be filled if any other ITR is to be used?
4 Replies
Rishab
(A.C.A.)
(155 Points)
Replied 03 August 2010
Money Back on Life insurance policies is exempt from Tax as you are getting your own money back. Don't worry with Money Back cheque you get statement from LIC stating that the said amount is Tax free - preserve the said statement.
Reflect figures of the same in Details of Exempt Incomes column - in Others.
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 03 August 2010
IN ITR under Schedule EI - Details of Exempt Income (Income not to be included in Total Income) - Others
Sunil
(Trader)
(2611 Points)
Replied 03 August 2010
Thanks. Is it OK to use ITR 1 Saral 2 and combine it with other exempt income?
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