Regarding Income Exemption in Income Tax - ULIP

Q & A Forum › Category: Insurance › Regarding Income Exemption in Income Tax – ULIP

muthu1984 asked 9 years ago

Sir, Please advice regaing my following query: I have paid premium of Rs.15,000 for past 5 years in ULIP. Total premium paid - 75,000 and last financial year(FY16-17) i have surrendered the policy and got the maturity amount of Rs.106500. Now while filling the income tax return - ITR 1, what should be mentioned under exempt income? a)106500 or b) 106500 - 75000 = 31500. Thank you.

muthu1984 replied 9 years ago

Thank you Sir.

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Best Answer

Sreekanth Staff answered 9 years ago

Hi, The entire Surrender value ie Rs 1,06,500 is an exempt income, you can disclose this in your ITR under Exempt income Column.