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Tax saving
A proprietor invested in mutual fund on the name of his business and he earn profit on the sale of mutual funds, how can he save tax on this and can he show this profit in his personal books? Please tell me detail treatment about this>
Replies (2)
Yes the tax benefit of ELSS scheme u/s 80 C can be taken over them if the mutual fund is of tax saver tag.
However dividend can be the business income in P&L but it will be exemt for the taxation u/s 36.
But the capital gain from mutual fund is capital gain in nature and should be shown as capital receipt instead.
Thanks a lot. its really helpful.
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