Schedule AL in ITR2 - ULIP and EPF declaration

1. No need,
2.  N.A.
3. Shars and securuties.
4. Balance as on 31.03.2024.
5. No issues faced, otherway will be misreporting.

Thanks for the prompt reply. A follow up question -

1. ULIPs are purchased before 2018 and post 10 years all the maturity amount will be tax free under section 10(10D). That way, are they not investments (assets) blocked for 10 years with  some past vested in equity? 
2.  Now Mutual funds equity based should then be declared for only those purchased from 1 Apr 23 to 31 Mar 24 OR balance (Cost of purchase) until 31 Mar 24?

Thanks, 

Preeti

1. ULIP are considered as insurance if tax-free on redumption, not mutual fund investment.
2.  Purchase cost of each holding as on 31st March.

Agree with to your point Sir. I am bit curious now, that ULIP are Insurance then why should they not be declared under "Insurance Policy" in Schedule AL.  

Generally taxable polices (on maturity) like single premium polices are added to capital account, which gets reflected in this column.

Thanks Sir.

My concern was that say, after 2 years when the ULIP matures for say 10Lakh (even thought eligible for 10(10D), it will be shown under "Receipts from life insurance policy" in AIS. In that case there will be no corelation about the Insurance policy payments made in Schedule AL. This may be an issue then. 

Your valuable viewpoint please on this.

As I said, if They are tax exempt u/s. 10(10D), whatever be amount it will reflect in schedule EI, even if reported under AIS.

If taxable, TDS will get deducted, and assessee will report the taxable income over it. So. question of matching it earlier with Schedule AL will not arise. 

Thank you Sir.

You are welcome.                   

Sir,

This is the 1st time I need to fill Schedule AL as part of ITR2 filing and would appreciate inputs on below queries :

1) I have always included my spouse (homemaker) income from saving/FD/PPF interest as part of schedule SPI while filing my ITR2. So should I also consider her savings/FD/PPF while filling Schedule AL or should it be only for me.

2) Should I also declare my EPF value (both employee & employer considered). If yes, where should I declare (in Shares / securities?)

3) Had a car bought for my spouse (in her name).. but the loan is taken with me as guarantor and the EMI is going from our joint account (source of income is me..). Should I declare this as vehicle movable asset and with loan as my liability?

4) Had taken an education loan for my daughter's higher studies (I am the co-applicant) for which I am paying the EMI. How to account this under asset/liability sections?

Thanks for your inputs

1. Only yours.
2. total amount. Yes in shares & securities.
3. No.
4. Its not (monetary) asset.

Thank you .. really appreciate your prompt reponse.

Just a clarification on the education loan part. While I understand it does not create any asset, but how to do show this as a liability that I carry in the AL schedule. Should I only mention the loan to be repaid as my liability?

The liability is because of joint application, which either of you can pay. So, just payment liability. 

Thanks ... but my question is should I also report this liability?