Gift or other exempted receipts (LIP maturity proceeds)

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This discussion clarifies the mandatory disclosure of certain exempted receipts in your Income Tax Return (ITR). It explains that maturity proceeds from LIC policies and gifts received from non-relatives must be declared to prevent future queries. These items, along with gifts from relatives, should be reported under the 'Exempted Income' (Schedule EI) section of your ITR.

Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)

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)

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)

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)

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)

11 September 2024 Good Luck.

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