If my client invested amount in mutual fund on 29-03-2018 thru netbanking and on the same day amount debited in bank account but mutual fund House created the folio in next financial year i.e. on 02-04-18, can my client claim for income Tax exemption as amount debited in his bank in last Financial Year.
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Tax exemption
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Provided fund house provide receipt of payment as on 29.03.2018, without any condition attached to allotment of units.
Please let me know What type of tax exmption is available for investing in Mutual Funds?? Under which section?
Equity Linked Savings Schemes (ELSSs) qualify for a tax deduction under Section 80C of the Income Tax Act.
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