SBI Life ULIP- redemption

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.

Replies (1)
The returns out of the policy on maturity are exempt from income tax under Section 10(10D) of the Income-tax Act

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 November 2026
Auditor

Oz Taxation

Vijayawada

Graduate (Any)

View Details
Company
10 November 2026
FP&A Executive

Gujarat Guardian

Ankleshwar

CA Final

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
Articled Trainee

J Y & CO

Hyderabad

CA Inter

View Details
Company
Featured 07 November 2026
Paid Assisstant

DPV & Associates

Chennai

CA Inter

View Details
Company
ARTICLESHIP 25 October 2026
Article Intern (CA Articleship)

Arpan Bohra & Co

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 23 October 2026
CA Articleship / Article Assistant

M N Rao & Associates LLP

Vijayawada

CA Inter

View Details