Investment in elss scheme
This query is : Resolved
20 June 2016
DEAR EXPERTS '
KINDLT TELL ME I HV INVESTED AMOUNT ON SIP IN 2008-09 & 2010-11 WHETHER I CAN TAKE DEDUCTION IN 80 C IN YEAR 2014-15 & 2016-17
20 June 2016
for deduction under section 80c, investment should be made in the previous year. in your case, since you have invested in ELSS in 2008-09/ 2010-11, you can not claim that investment in 2014-15/2016-17. Had you coninued and invested in SIP in these years, then only you can claim.
21 June 2016
Not invested in previous year but switch out to tax plan in relevant assessment year
21 June 2016
Not invested but switch out to tax plan in f.y. 2015-16
21 June 2016
Paid till 2010-11 but Switch out in 2015-16. Whether it be claimaible
01 August 2024
Under Section 80C of the Income Tax Act, you can claim deductions for investments in Equity-Linked Savings Schemes (ELSS) up to a limit of ₹1.5 lakh in a financial year. Here’s how you can handle your ELSS investments and the related deductions:
### **1. Claiming Deductions in Previous Years**
**For Investments Made in 2008-09 and 2010-11:**
- **Eligible Deduction Period:** You can claim deductions under Section 80C in the financial years when the investment was made. However, the deduction is applicable in the financial year in which the investment was made, and it is not possible to claim deductions for the same investments in subsequent years.
- **Example:**
- If you invested in ELSS in FY 2008-09, you should have claimed the deduction in the assessment year 2009-10.
- Similarly, for an investment made in FY 2010-11, the deduction should have been claimed in the assessment year 2011-12.
### **2. Claiming Deductions in FY 2014-15 and FY 2016-17**
- **Cannot Claim:** Since the investments were made in earlier years, you cannot claim deductions for those investments in the FY 2014-15 and FY 2016-17. The deduction claim is tied to the financial year of investment.
### **3. Switching Out of ELSS**
**Switching Out and Claiming Deductions:**
- **Switching Out:** If you switched your investments to a different tax plan (or redeemed the units) in FY 2015-16 or any other year, this action does not impact your ability to claim deductions for the investment made in the years when you originally invested.
- **Claim for Investments:** Deductions should be claimed based on the year of investment, not on the basis of when the investment is switched or redeemed. For instance, if the investment was made in FY 2008-09 and FY 2010-11, the deduction should have been claimed in the respective assessment years.
### **4. Summary of Claims:**
- **For Investments Made:**
- Investment in FY 2008-09: Claim should have been made in FY 2009-10.
- Investment in FY 2010-11: Claim should have been made in FY 2011-12.
- **For Switch Out or Redemption:**
- The switch out of the investment or change to another plan does not affect your eligibility to claim deductions for the years in which the investments were originally made.
### **5. Documentation and Reporting:**
- **Maintain Records:** Ensure you have proper documentation and proof of your investments and claims. This includes statements from the mutual fund and the details of the investments.
- **Tax Filing:** Report the details of your ELSS investments and claim deductions in the respective financial years during tax filing.
In summary, you should have claimed the deduction in the years when you made the investments, and the current or future actions related to those investments do not impact the past deductions. If you need further clarification or specific advice related to your tax filing, consulting a tax professional would be beneficial.
### **1. Claiming Deductions in Previous Years**
**For Investments Made in 2008-09 and 2010-11:**
- **Eligible Deduction Period:** You can claim deductions under Section 80C in the financial years when the investment was made. However, the deduction is applicable in the financial year in which the investment was made, and it is not possible to claim deductions for the same investments in subsequent years.
- **Example:**
- If you invested in ELSS in FY 2008-09, you should have claimed the deduction in the assessment year 2009-10.
- Similarly, for an investment made in FY 2010-11, the deduction should have been claimed in the assessment year 2011-12.
### **2. Claiming Deductions in FY 2014-15 and FY 2016-17**
- **Cannot Claim:** Since the investments were made in earlier years, you cannot claim deductions for those investments in the FY 2014-15 and FY 2016-17. The deduction claim is tied to the financial year of investment.
### **3. Switching Out of ELSS**
**Switching Out and Claiming Deductions:**
- **Switching Out:** If you switched your investments to a different tax plan (or redeemed the units) in FY 2015-16 or any other year, this action does not impact your ability to claim deductions for the investment made in the years when you originally invested.
- **Claim for Investments:** Deductions should be claimed based on the year of investment, not on the basis of when the investment is switched or redeemed. For instance, if the investment was made in FY 2008-09 and FY 2010-11, the deduction should have been claimed in the respective assessment years.
### **4. Summary of Claims:**
- **For Investments Made:**
- Investment in FY 2008-09: Claim should have been made in FY 2009-10.
- Investment in FY 2010-11: Claim should have been made in FY 2011-12.
- **For Switch Out or Redemption:**
- The switch out of the investment or change to another plan does not affect your eligibility to claim deductions for the years in which the investments were originally made.
### **5. Documentation and Reporting:**
- **Maintain Records:** Ensure you have proper documentation and proof of your investments and claims. This includes statements from the mutual fund and the details of the investments.
- **Tax Filing:** Report the details of your ELSS investments and claim deductions in the respective financial years during tax filing.
In summary, you should have claimed the deduction in the years when you made the investments, and the current or future actions related to those investments do not impact the past deductions. If you need further clarification or specific advice related to your tax filing, consulting a tax professional would be beneficial.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Can a partnership firm become partner in a LLP ?
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- TDS on purchase of value vouchers for employees ?
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
