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but i sold that MF in fy 19-20.I have viloated the condition of section 80c now the deduction claim earlier will be withdrawn..
Where to show such deduction withdrawn in ITR?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