Mutual fund entry

932 views 2 replies

Hello

I have two concerns.

1) I invested in following Mutul Funds few years back. I guess 2010.

Franklin India Tax Shield --- Rs.xxxx
HDFC Tax Saver Scheme --- Rs.yyyy
Reliance Tax Saver Scheme --- Rs.zzzz

In FY17-18 I decided to wind up all the funds permanently hence I redeemed the all the units and it got deposited in my bank.

For Franklin and HDFC I did not get any divided after the reedem, however, I got approx Rs.80/- twice for Reliance.

I am not going to invest again in Mutual Fund in future hence I would like to  know what will be the entry in tally?


2) I purchased a room space last to last year in the month of december. In FY 17-18 I gifted that room to my son.

What will be the entry in tally for me and for him as well?  Any tax for me or for him?

Thanks
 

Replies (2)

1) you can saw this amount in balance sheet as a investment when it is sold , it will be capital gian income more than two year holding time it will be long term capital gain income.

 

20 gift recived from relative so no income arise

 

Thanks for the reply Sanjay.

What would be the entry in tally for Gifted Flat. It was in my Fixed Asset in Balance sheet.

Gifted Property dr (Gifted Property is Fixed Asset)

to Gifted to Son cr (Where Gifted to Son is created under Indirect Expenses). Is this entry OK ?

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