Mutual fund investments in air question
This query is : Resolved
17 February 2012
There is a rule that investments made above 2 lakhs in Mutual funds are to be reported under AIR, while filing IT return.
This limit of 2 lakhs applies to the total amount of investments or into any one mutual fund?
For example, I invest 20,000 in Fund A, 50000 in Fund b & 2 lakhs in Fund C.Should I mention only the Fund C or should I mention all the funds since the total is above 2 lakhs?
This limit of 2 lakhs applies to the total amount of investments or into any one mutual fund?
For example, I invest 20,000 in Fund A, 50000 in Fund b & 2 lakhs in Fund C.Should I mention only the Fund C or should I mention all the funds since the total is above 2 lakhs?
CA PARAS BAFNA
(Expert)
18 February 2012
In AIR the nature of transactions being reported is of higher value in nature. So in case of a single MF it will apply. In case of the example given above, no need to report.
19 February 2012
Paras, how much is considered as higher value.Becox recently the IT dept gave an ad that investments more than 2 lac must be informed to the IT dept, but they failed to mention whether individual fund or total of investments.
CA PARAS BAFNA
(Expert)
19 February 2012
In a single mutual fund if investment exceeds Rs 2.00lac then reporting requirement is there.
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