What all transactions to consider while filing returns online ?

POSTED BY Hitesh Poladia ON July 10, 2012 5:11 pm COMMENTS (7)

Hi,

I have 3 form 16s (2 from previous employer and 1 to be received from current employer).
I have following transactions done for financial year 2011-2012
1. Salary
2. Interest from savings account
3. Surrender of LIC policies
4. Dividends from tax saver mutual fund
5. Redemption of 1 close ended (redeemed after 4 years) and 2 open ended mutual funds (redeemed after 13 months)
6. PPF
7. EPF
8. HRA
9. Selling of shares.
10. Premium for term plan.
11. Health Insurance premium for parents and wife, child and self
.Which ITR should i select and what all things i should consider from above ?
Also let me know if have missed anything.

Regards,

Hitesh

7 replies on this article “What all transactions to consider while filing returns online ?”

  1. Dear Hitesh, the ITR for you ‘ll be ITR-2. Please provide details on following points.

    1. the surrender of policy – was it a ULIP or traditional, what was the holding period?

    2. Please define the redeemed MFs as Eq. or Debt or Hybrid. If in doubt, please quote the name of funds.

    3. Selling of shares – please quote the holding period

    Thanks

    Ashal

    1. poladia_hitesh@yahoo.com says:

      Dear Ashal, Following are the details,

      1. All are traditional policies
      Jeevan Anand – surrendered after 6yrs and received 15541
      Bima Kiran – surrendered after 10 years and received 74746
      New Bima Kiran – surrendered after 7 years and received 8568
      Jeevan Saral – surrendered after 3 years and received 10445

      2. Mutual funds details are as follows.
      Religare Agile tax fund
      Reliance Equity Oppurtunities – growth
      HDFC top 200 – growth

      3. Regarding shares, i had just opened a demat account two years before and just purchase for Rs.1000 to activate it and then last year i sold the shares and the amount got adjusted agianst amc. Actually i have not used the demat account at all.
      Also i am planning to stop the demat account as i dont think its of any use for me.

      Regards,

      Hitesh

      1. Dear Hitesh, out of the surrender policies, only Jeevan saral is taxable.

        From MFs, if the holding period was less than 1Y, then only the profit if any becomes taxable. Please check it.

        Regarding shares, it seems you sold after 1Y holding, hence the gains if any are tax free.

        Thanks

        Ashal

        1. poladia_hitesh@yahoo.com says:

          Dear Ashal,

          Thanks for the answers.
          Is there some restriction in period in case of jeevan saral.
          is it based on type of policy like for example if its money back then x is no of years required to be completed to make tax free and if its endowment then its y years.
          So what is Jeevan Saral and what is minimum period for it ?

          Regards,

          Hitesh

        2. poladia_hitesh@yahoo.com says:

          Dear Ashal,

          Also in addition to above, i have claimed a cashless and post hospitalization claim for my father, so does it qualify for tax or tax rebate ?

          Thanks

          Hitesh

          1. Dear Hitesh, for ULIP, the minimum holding period is 3Y & for traditional policies (Jeevan Saral falls in this category), it’s 5Y. As you have surrender Jeevan Saral before 5Y, the surrender amount is taxable.

            Regarding the cashless mediclaim amount, it’s tax free & you need not to report it.

            Thanks

            Ashal

      2. poladia_hitesh@yahoo.com says:

        Dear Ashal ,

        With reference to above,
        1.Religare Agile Tax fund has been redeemed after four complete financial years , so is the redemption amount applicable for tax
        2. Also i am joint account holder with my wife for her savings account and she is a housewife so and there is no income for her apart from interest from savings account, so do ineed to consider it under my income ?
        3. Also i am joint account holder with my father and he has income for rent from his shop and we file his returns also so do i need to show the interest from our joint account in his returns or my returns

        Regards,

        Hitesh

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