yes you can file your income tax return with this amount.
and i think this is tax free income. as this if ULIP and there is lock-in-period.
Need to file itr
Hi, I am an NRI working in the middle east for more than 10 years. Never filed for income tax as I don't have any extra income in India by way of rent. Five years before I purchased a ULIP with an annual premium of 1 Lakh. Paid 2 lakh premium for 2 years and then I discontinued the policy. Now the policy funds had matured to 2.61 lakhs after the lock-in period of 5 years. Bank had sent me the cheque without deducting the TDS. Please advise whether I need to file for my ITR. Monetary gain is only 61,000 from the fund. Regards Jalal
Asked 7 years ago in Income Tax
Hello,
Since the amount is below the threshold limit it is not mandatory for you to file the returns.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi Jalal,
Since your income in India is below taxable limit, you don't need to compulsorily file ITR.
Please feel free to call/ revert in case you need more clarity
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hi,
The amount being less than the taxable limit, you need not file any income tax return. However, if there are any other income arising out of India (rental income or interest or any other kind), then you may want to reconsider, based on the total income earned by you during the year from India.
Trust this clarifies.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
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