MUTUAL FUND PAYMENT DEDUCITBLE ??

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AMIT (Querist)
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21 July 2010
MR. A INVESTED RS.25000 IN MUTUAL FUND

MUTUAL FUND > LIABLE TO STT
> MORE THAN 45% EQUITY
> DEDUCTIBLE 10(38)LONG TERM

IS RS.25000 DEDUCTIBLE UNDER 80 C ??

Nirpendra Singh

Nirpendra Singh (Expert)
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21 July 2010 No ,
As per section 10(38) its required to be a euity oriented mutual fund (means where entity invest 65% of its receipts in Equity ).
Here the total investment is restricted to 45% only .
therefore irrespective of STT payment transaction is chargeable to tax(LTCG).

Yes here deduction u/s 80C is available.

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AMIT

AMIT (Querist)
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22 July 2010 THANKS VERY MUCH SIRS,