Purchase of mutual fund show in it returns

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This discussion clarifies how to report mutual fund purchases, such as those from ICICI Mutual Fund, in your Income Tax Returns for FY 2021-22. It explains that simply purchasing a mutual fund does not trigger capital gains and therefore may not need to be declared in your ITR. The advice is to verify the genuineness of the purchase and seek rectification if necessary.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

08 July 2022 Sir,
It assessee purchase of mutual fund (sft-18) ICICI mutual fund rs:10,000/- and ICICI mutual fund rs:10,499/- show as per AIS information
Question:
Assessess purchase of mutual fund show procedure and taxation in books and it returns in f.y.21-22.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

09 July 2022 Show it as capital gains.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 July 2022 If its just purchase, no question of capital gain; so need not be declared in ITR.
Check if the purchase is genuine. If not, give feedback for rectification.

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