Hi all,
My father purchased an ULIP based plan in December, 2012 for Rs. 3,75,000. In June, 2018 he redeemed the same for about 6,00,000. SBI Life deducted TDS @ 1% on the whole 6 lakhs and they reported the same in their TDS returns. While I was filing my fathers ITR, I showed the net amount as income (6.00-3.75) under other income and not 6 lakhs. Now have received query from Income Tax claiming that I showed less amount based on the TDS details. But I am confused as to how to show the full amount received as that will make us pay tax on the cost as well. I read everywhere that the only the net amount is taxable (common sense too). But not sure how to show the same in the ITR.
Thanks in advance.
CAclubindia
