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Redemption of 80c investment - mf

Tax queries 856 views 1 replies

Sonia

Auditor

112 Points Joined March 2009

This this, I have redeemed my 80C investment (Mutual funds - ELSS) lock in period was 3 years.

Please clarify how to treat the same.

1) Amount invested in January, 2007 - Rs. 15,000. In HDFC Long term advantage funds. Amount recd on redemption in October, 2012 - Rs. 21000

2) Amount invested in January, 2006 - Rs. 25000, in SBI Tax Gainer Scheme. Amount recd on redemption in October, 2012 - Rs. 14000. I had also recd dividend every year approx Rs. 3000.

Replies (1)

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

Redemption of sale of units of MF are exempt u/s 10(38). dividends recd on MF's is exempt u/s 10(34). This shud have been in each year's return as exempt income. Sale of units will have to be disclosed as exmept income under the relevat column of teh Return.