POSTED BY January 27, 2014 5:58 pm COMMENTS (4)ON
Dear All,Recently, I surrendered a life insurance policy of mine and got a payment of around Rs.54000/- through NEFT as surrender value. I had deposited a sum of Rs.60,000/- in four years as premium before surrendering. Therefore, I incurred a loss of around Rs.6000/- over what i had paid earlier as premium.
Do I need to show this surrender value (Rs.54,000/-) as Exempted Income in ITR-2 while filing my income tax return for AY 2014-15. (See there is no income at all in this case).
Or should I simply file ITR-1 as I have only salaried income besides the above surrender amount.
Plz guide me which form to file ITR-1 or 2.