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Section 80c

pritesh (CA Final student) (7101 Points)

07 May 2020

i have claimed deduction in 80c by investing in specified mutual fund for which lock in period is 3yrs.

Investment made in fy 18-19 & deduction claim ons Section 80C

but i sold that MF in fy 19-20.I have viloated the condition of section 80c now the deduction claim earlier will be withdrawn..

Where to show such deduction withdrawn in ITR?

and under which head?

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2 Replies

Kiran Hathalia (837 Points)
Replied 07 May 2020

According to me it must be mentioned in the mutual fund documents. Kindly check the documents carefully.

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 July 2020

Yes, it should be added back to Income via Head - Income from other sources in which you violated the condition i.e in F.Y 2019-20 and taxable at a normal income tax rate.