income from investments
This query is : Resolved
Querist : Anonymous
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.
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.
01 August 2010
Notional gain on mutual funds are not treated as income from your investment.
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