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Investment in f& o balance sheet

Anonymous (Business) (240 Points)

13 September 2018

While filing Balance Sheet by f&o trader in his ITR 3, do he need to include investment done by him in mutual fund ?

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CA Raj Doshi (Practising CA) (8944 Points)
Replied 14 September 2018

Income tax department requires only business balancesheet and business pnl.

If you are going to offer the gain loss from mutual fund investment under the head "Capital gains" in future, then no need to show.

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Anonymous (Business) (240 Points)
Replied 14 September 2018

ITR 3 going in individual name . There is no other trade name of business. On that base CA show mutual fund as Investment in Balance Sheet. Now what to do ?
Investment done in earlier years while business return file 1 st time.

There is no separate current a/c too . Assesee use his saving bank a/c for trading. Will there be any issue ?