requirement for LIC claim
This query is : Resolved
16 May 2008
sir ,Till date I havent filed any return but I have PAN card .In this i have got LIC claim amount on the policy of my father
I m a CA student & getting a stipend of Rs.4000pm also.
1. please tell me at what time i am required to file return regarding this amount(lic claim)?
2.if i file return ,am i required to file return every year? and
3.is this return goin to create any trouble for me ?
I m a CA student & getting a stipend of Rs.4000pm also.
1. please tell me at what time i am required to file return regarding this amount(lic claim)?
2.if i file return ,am i required to file return every year? and
3.is this return goin to create any trouble for me ?
CA Hemant T Dewani
(Expert)
16 May 2008
1-you got lic claim of your fathers lic claim is not taxable income
2-you get stipent of rs 4000 pm if your total gross income is greater than rs 110000/-in the f y 2007-08 the you will filed income tax return
3-when you deposit the same amount in the bank & received interest from them is taxble income in your hands
4-same above
2-you get stipent of rs 4000 pm if your total gross income is greater than rs 110000/-in the f y 2007-08 the you will filed income tax return
3-when you deposit the same amount in the bank & received interest from them is taxble income in your hands
4-same above
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