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Investment in SIP

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Student CA Final
73 Points Posted on 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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On 06 May 2020 at 17:16 Report
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837 Points Posted on 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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On 06 May 2020 at 17:30
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Student CA Final
73 Points Posted on 06 May 2020
Whether it should be shown in 80c for deduction
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On 06 May 2020 at 18:38
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837 Points Posted on 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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On 06 May 2020 at 20:47


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