Mutual fund

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2014 Dear Sir/Madam.

what is a head of canara bank mutual fund amount received & bajaj auto policy in tally 9

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 August 2014 depends on the facts of case. the mutual fund amount is to be classified between equity and non-equity scheme and then between short term and long term capital gains.

insurance receipts in term of principal amount are to be treated as capital receipts and interest portion is to be taxed as income from other sources

Rupesh Jain

Rupesh Jain (Expert)
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22 August 2014 mutul fund is taxable under the long term and short term capital gain. and life insurance amount is capitl;a receipts.

received from MF credit to MF a/c

and if you have Bajaj life a/c then credit the same otherwise credit the capital a/c