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income from investments

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 July 2010 Dear sir,

i have a propreitory concern for which tax audit(44AB) is applicable. out of the profits of the concern i have invested in mutual funds. should the difference between the amount invested and the NAV of the mutual fund as on the balance sheet be treated as income/expense and accounted accordingly. will the notional gain be treated as income from other sources in my income tax returns. plz advice.

31 July 2010 yes you have to consider it as income

01 August 2010 Notional gain on mutual funds are not treated as income from your investment.






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