Hello,
I have taken a loan of 4 lakhs based on my LIC policies (which will mature in Dec2016). I have received the 4 L amount thru ECS in Feb 2015 and March 2015.
My Query:
Where do i show this amount of 4 lakhs in my ITR 2 ? I am worried since these are high value transaction(i suppose) and it is not really "income."
Please help
Thanks & Regards,
Milind.
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
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
CAclubindia
