Hi,
I have below queries with regards to declaration of exempt income in ITR, request the experts to kindly advise.
1) I have tax-free income from following sources, should I declare all of them in my ITR under 'Exempt income' or can I leave out anything?
Dividend from shares, Dividend from equity mutual funds, long term (>1yr) capital gain on equity mutual funds, income from tax free bonds, PPF income.
2) Is the following understanding correct?
Upon Equity MF redemption (>1yr), Exempt income = Redemption amount – Principal. If this is -ve , it will be loss and thus reduce the Total Exempt income.
Thanks in advance.
Regards,
Vaibhav