ABHIJIT MANNA (ACCOUNTANT) (447 Points)
28 July 2018Sir
A person invested amount in Mutual Fund of Rs. 4,00,000/- at one time and Rs. 2000/- in every month in F.Y. 2017-18. . So my question is will it be assessed for income tax return for A.y. 2018-19 or how it will be calculated, Plz tell us in brief.
Sayan Gupta
(Accounts Professional)
(176 Points)
Replied 28 July 2018
In case he invested in ELSS fund then the same will be eligible for deduction u/s 80c. Now coming to the taxability matter, tax liabity will rise only when the person redeems his mutual fund.
CAclubindia
