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Loss n reliance gld fund

Tax queries 182 views 6 replies

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

Replies (6)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

209514 Points Joined July 2016

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

Anil Talukder

86 Points Joined April 2017

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

RAMAKRISHNAN R

INCOME TAX OFFICER

1736 Points Joined February 2014

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 Joined April 2017

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

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?

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.