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Loss n reliance gld fund

(Guest)

I invested in rweliance gl Fund fr 5 years SIP that ended in Januray 2017. Due to low rates of Gold i got redemptin in May which resulted in lss of 12000 Rs

Will this be terated as entry for FY2016-2017 or FY 2017-2018?

How loss of gold fun is tearetd.I could not see any place in ITR 2 for such entries.

Kindly advise

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (161303 Points)
Replied 15 June 2017

May 2017.........relates to FY 2017-18 & AY 2018-19.......

Anil Talukder (86 Points)
Replied 15 June 2017

It is long term capital loss. Show it in schedule capital gain

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 15 June 2017

I think the assessee would have claimed deduction u.s. 80c in respect of the investment made in mutual fund. so the loss cannot be claimed. correct me if I am wrong

Poltu Ghosh (Job) (1865 Points)
Replied 15 June 2017

80C deduction is not available for gold fund. Only equity oriented ELSS funds are eligible for 80C defuction

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(Guest)

Gold fund is as per reliance offcie is debt fund so he said you can deduct loss form your FD interest income .Is that appropriate?

Poltu Ghosh (Job) (1865 Points)
Replied 16 June 2017

As stated in one of the earlier reply that your loss is long term capital loss. as per income tax law, long term capital loss can be set off with long term capital gain only. Since FD interest will be taxed under the head Income from other sources so the said loss cannot be set off with the FD interest income.