Taxability

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Aparnaa (Querist)
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13 March 2009 1. LIC life policy being assigned for getting housing loan. Is the assessee eligible to claim deduction u/s 80C?

2. Indian citizen - Non resident. employee of private concern. If he receives any income abroad should he disclose the same in his IT return?

HUZAIFA HUSSAIN

HUZAIFA HUSSAIN (Expert)
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13 March 2009 DEDUCTION U/S 80C IS ALLOWED ON PAYMENT OF LIC PREMIUM.

FOR NON RESIDENT ONLY INDIAN INCOME IS TAXABLE.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 March 2009 Exempted income is also to be disclosed in the Income tax return so as to comply with the true and fair disclosure requirement of income.

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