Gift or other exempted receipts (LIP maturity proceeds)

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Mahabir Prasad Agarwal (Querist)
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09 August 2023 Whether it is mandatory to fill in ITR the gift received and other exempted receipts like maturity-proceeds of LIC policies etc. ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 August 2023 ITR filing for LIC maturity & gift/s from non-relatives need to be disclosed to avoid any future query.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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09 August 2023 Whether these receipts are to be shown in the 'Exempted Income" column ? And what about Gifts from relatives ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 August 2023 Gifts from relatives and all other exempted incomes are to be declared under Schedule EI.
While such taxable income under Schedule OS .... or any other respective schedules.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 September 2024 Good Luck.

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