Salaried individual having rental income from second one property receiving inherited lic commission

Expert,

I am a salaried individual who files return in ITR2 as I stay in one house and rented out my second house.My father died last year and as I am his nominee for hereditary renewal commission from LIC  I am getting commission with TDS deducted under my PAN.My question is where do I show the commission received in Schedule OS.I will ofcourse show TDS amt in TDS Schedule 18C (1).as per form 16A issued by LIC.

Please help.I don't have many days left as July 31 is fast approaching.

Replies (6)

Yes, you can declare u/h. IFOS; but  will have to reply accordingly, when query raised to file ITR3.

Mr.Dhirajlal, am already filing in Itr2

Yes, I know that........ and I expect query from ITD because of that... (TDS deduction from LIC, being culprit)

Thank you, Mr.Dhirajlal.So, I understand from this that I should file in ITR 3 and not   ITR 2.But, I am a salaried person.This LIC  commission inome is inherited.

I am not a lic Agent.It is not my professional income.

That is the reason I said .....

"you can declare u/h. IFOS; but  will have to reply accordingly, when query raised to file ITR3. "
 

No need to file ITR3.  Practically ITR2 is applicable, in your case.

Thank you , Mr Dhirajlal Rambhia.I have decided to put the entry in  income of the nature referred to in

section 56 (2)x  which is chargable to tax 3( a ) agregate value of sum received without consideration 

in Schedule OS because I cannot find any other place to put it in.I wish the OS  form had a  space somewhere to put

my explanation.Now , I have to be ready for a query.

Thank you, again.Mr.Dhirajlal Rambhia.

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