Let me clarify point by point here. As of now, my understanding is that it is not taxable. Let me expand here -
1. This is a joint return for year 2022. The form is 1040 in my case.
2. For LIC, the policy started in year 2010. I am paying these premiums on yearly basis but they are redeeming some amount every fourth year. Best of my understanding, this is not taxable.
3. For Public provident fund, I started putting money in year 2005. This comes in with a life of 15 years. We put some money every year and get matured after 15 years. This amount matured recently. Best of my understanding, this is not taxable.
4. I have a residential property in India which started giving rent to me on every month. I got this apartment renovated (Paint/clean-up) etc this year. May I know if we need to show this as an income? If yes, I need to show the maintenance charges as well as a claim. May i know if this needs to be shown in the return?
Please confirm.
Thanks,
