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Section 80C

pritesh (CA Final student) (7101 Points)

07 May 2020

i have claimed deduction in 80c by investing in specified mutual fund for which lock in period is 3yrs.

Investment made in fy 18-19 & deduction claim in Section 80C

but i sold that MF in fy 19-20.I have viloated the condition of section 80c now the deduction claim earlier will be withdrawn..

Where to show such deduction withdrawn in ITR?

and under which head?

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5 Replies

Asha Kanta Sharma (Manager - Finance & Accounts) (10524 Points)
Replied 07 May 2020

I think it should be added back to Income via Head - Income from other sources

CA KAMAL MADAN (CHARTERED ACCOUNTANT) (147 Points)
Replied 07 May 2020

I agree with Asha sharma,i also have same view.

1 Like

pritesh (CA Final student) (7101 Points)
Replied 07 May 2020

K tysm

but tax rate and slab of which year will be applicable?

CA Kratanshu Gupta (Chartered accountant) (290 Points)
Replied 09 May 2020

Tax rate and slabs of f.y.2019-20 is applicable as you are sole mutual fund in f.y.2019-20 itself

1 Like

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 July 2020

Yes, it should be added back to Income via Head - Income from other sources in which you violated the condition i.e in F.Y 2019-20 and taxable at a normal income tax rate.