Sonia (Auditor) (112 Points)
28 December 2012This 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.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 28 December 2012
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.
CAclubindia
