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Investment in SIP

Dinesh sahu (Student CA Final ) (73 Points)

06 May 2020

whether investment in "Sip" of Equity fund of mutual funds should be shown in income tax return.
If yes, Then where should be shown in ITR

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Kiran Hathalia (837 Points)
Replied 06 May 2020

See, if the separate sets of books of accounts are maintained, then the investments to be shown on the balance sheet side. Otherwise, no income shall be booked unless the funds are liquidated.

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Dinesh sahu (Student CA Final ) (73 Points)
Replied 06 May 2020

Whether it should be shown in 80c for deduction

Kiran Hathalia (837 Points)
Replied 06 May 2020

If those mutual funds are issued under Equity Linked Saving Schemes, then yes.. you can claim section 80C deduction. Further, for your information, the document pertains to your mutual fund states whether those funds are eligible for section 80C deductions or not.

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