Rajesh2345 (project manager) (57 Points)
07 July 2023Hello,
I had received gratuity and it is not mentioned anywhere in form 16.
Do I need to declare in ITR? If yes then where?
My second question is, I have taken part withdrawal from my ULIP policy after 15 years .where to declare it in ITR?
I know that ULIP policy maturity is tax free .is partially withdrawal taxable?
Thanks
Rajesh
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160551 Points)
Replied 07 July 2023
1. Gratuity is tax exempt u/s Section 10(10)(iii) up to ₹ 20 lakhs. Declare it in Schedule EI.
2. If the ULIP qualifies the benefit u/s. 10(10D) of IT act, then it is tax exempt, be it partial withdrawal or full.
Rajesh2345
(project manager)
(57 Points)
Replied 07 July 2023
Thank you.
Yes , my ULIP qualifies the benefit under section 10(10D) . If I had done partial withdrawal then whether the amount needs to declared in schedule EI?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160551 Points)
Replied 07 July 2023
Yes, specifically if the transaction has been reported by the insurer.
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