Declaration of exempt income in itr

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

Replies (2)
1. you are reqd to declare all exempt income.... 2. your understanding is correct.
Thanks a lot Tribhuvan!

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