Loan from lic policy

if u taken a loan from  it is not your income & also loan is a part of balance sheet , therefore there is no need to shown anywhre in ITR 2. As far as concerned of ur lic maturity, this is exempted .

Thanks...i am filing as an individual..so i dont know about balance sheet etc....should i be showing this 4L amount also as exempt income?

 

Loan is not your income & there is no need to show this loan anywhre is your return

Hello, If itr 4 is there then Where to show this loan? In balance sheet or give its effect to capital a/c?

if you are subject to filing ITR4 then you have to aware of P/L account and balance sheet, coz ITR4 is related to business 

in case of ITR 1 or 2 you can ignore the loan 

loan is nowhere to be shown as income in the P&L and if it concerns regarding the balance sheet the same can be shown as additional capital introduced by the proprietor/partner as business is different from individual and two balance sheets are to be prepared for business and individual separately !!


Thanks.