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Where to declare Gratuity received in ITR

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Rajesh2345

project manager

52 Points Posted on 07 July 2023

Hello,

I had received gratuity and it is not mentioned anywhere in form 16.

Do I need to declare in ITR? If yes then where?

My second question is, I have taken part withdrawal from my ULIP policy after 15 years .where to declare it in ITR?

I know that ULIP policy maturity is tax free .is partially withdrawal taxable?

Thanks

Rajesh

Replies (3)

Quick Summary

This discussion clarifies how to declare gratuity and partial ULIP withdrawals in your Income Tax Return (ITR). Gratuity, if received, should be declared in Schedule EI, even if not on Form 16, and is generally tax-exempt up to ₹20 lakhs. Similarly, partial withdrawals from ULIP policies that qualify under Section 10(10D) are also tax-exempt and should be reported in Schedule EI if the insurer has reported the transaction.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

121534 Points Posted on 07 July 2023

1. Gratuity is tax exempt u/s Section 10(10)(iii) up to ₹ 20 lakhs. Declare it in Schedule EI.

2. If the ULIP qualifies the benefit u/s. 10(10D) of IT act, then it is tax exempt, be it partial withdrawal or full.

Rajesh2345

project manager

52 Points Posted on 07 July 2023

Thank you.

Yes , my ULIP qualifies the benefit under section 10(10D) . If I had done partial withdrawal then whether the amount needs to declared in schedule EI?