Schedule AL in ITR2 - ULIP and EPF declaration

Quick Summary
This discussion clarifies how to correctly fill out Schedule AL in ITR2 for individuals with income exceeding 50 lakhs. Key points include declaring ULIPs as insurance if tax-exempt, and understanding whether to report past premiums or just current year's for ULIPs and EPF. The consensus is to report the balance/cost of assets as of 31st March 2024, not just transactions from the current financial year. It also touches upon declaring assets in a spouse's name and handling education loans.

No.                                        

Ok. Thanks for your prompt responses and inputs, Sir. Highly apprecaite.

You are welcome.              

Sir, one addtional clarification. Jewellery/Gold coins purchased on my wife's name (though source of income would be mine) ... should that be declared as my asset now or will it be treated as her asset (she is home maker & hence does not file ITR). Should I include those or not in schedule AL? Thanks.

If the bills are in her name; then don't add.

Thank you for the clarification.

I understand from these post that we need to declare the cost of assets but still I have some confusions. Need some clarification for Shares & Securities section.

  1. Mutual Funds & Stocks - This is Cost of Acquisition (Got from Holdings report from Zerodha) - All stocks that I hold right? Not just which I bought in FY 23-24.
  2. SGB - Cost of Acquisition
  3. NPS, EPF - Should this be my invested amount or the current balance of account?
  4. As part of EPF, there are 3 sections I see in statement - Employee share, Employer share and Pension contribution. Should I sum all the amounts that got deposited or only Employee share and Employer share?

For Loans & Advances Given, should this also include all the advances and not just FY23-24?

Overall schedule AL is for just FY23-24 or the entire holdings that I have till 31 March 2024?

  1. All holding
  2. Yes
  3. Current balance
  4. Aggregate amount
  5. Entire holding as on 31.03.2024

Thanks for the promt response!

  1. Is there any specific reason that we need to show the current balance instead of COST in EPF and NPS?
  2. I have some gold jewellery purchased for my use where I have used some existing gold from my parents and some amount of mine. In the Jewellery section, do I need to show only the amount I have spent or include parents gold purchase amount also? Do I need to add my parents purchase amount somewhere as gift in my ITR?
  1. Concept is value as on the date
  2.  Value of asset in your holding/ownership

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