Hello,
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
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.
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?
Yes, specifically if the transaction has been reported by the insurer.
O P Bagla & Co LLP
New Delhi
CA Inter
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