Invested in mutual fund

Tax queries 133 views 1 replies

ABHIJIT MANNA

ACCOUNTANT

447 Points Joined July 2016

Sir

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.

Replies (1)

Sayan Gupta

Accounts Professional

176 Points Joined August 2016

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.