Hello members, just wanted to know if I get principle amount of any investement in my account returned after the investment period is over, is that considered as under EXEMPT ICOME? For eg if LIC policy matures and my principle given was 50000/- and bonus and interest was 12000/- so is entire 62000 exempt income or just 12000 is exempt income?? Similarly incometax refunds in accounts are trated as exempt income or it has to be shown nowhere (ignore) in ITR? I think all this is my money that has been returned to me, not income, please comment
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Exempt income query
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income tax refund is not exempt income and required to show in return , it is paid by assessee from his/her income,
interest on refund (if received) is taxable as income from other source"
1. Amount recieved on maturity of Life Insurance policy id fully exempted.
2. Interest received on Income tax refund is taxable.
1. Amount recieved on maturity of Life Insurance policy is fully exempted.
2. Interest received on Income tax refund is taxable.
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