Doubt

i think this LIC policy is ULIF fund. Surrender money is exampt income.

Ritesh,

I see no reason to worry unless your relative has invested through undeclared source of income.  It doesn't matter if you haven't claimed tax benefit under 80C in the relevant assessment year.

just show money as capital receipt..

if no income was kept undisclosed it would not b a problem. you have not taken 80c deduction is actually a advantageous thing because you cant surrender policy for som period if you have take exemption u/s 80c

this lic receipt is taxfree. so just 1 entry would be passed.

bank a/c                     dr

      To capital a/c

totally agree with prosanto chakki "s opinion !!! income is tax exempt.

One of my friend who is physically handicapped registered for ipcc . As per ICAI rules a handicapped person is exemp from all the charges if he is 50% or moreof it. but earlier he has to pay the amount & after wards it would be refunded back .  This took place nearly 8 months  till today no amount has been refunded back please let me know whom shall we contact for this purpose.