I made an investment in Real Estate Fund registered with SEBI as AIF Cat.II and got the status iof PAS THROUGH INCOME . I would like to be advised by the experts on the following :I
a) The audited statement of income , for the FY 2018-19 contains INCOME shown separately as ,dividend income, capital gains ans interest income while Expenditure is shown as as proportionate share of expenditure of fund.
In ITR shall I have to show i) net of income after deducting expenditure in the schedule on Income from other sources or ii) to show gross income and show separately expenditure .
b) Since capital gains can be set off with capital losses at the fund level , is it necessary
to show the capital gain income by investor in the relevant schedule
c) Can we set off dividend income with expenditure or have to show under Exempted Income Schedule as reported ?
d) As loss can not be distributed by the fund , in reality what is the impact of loss at fund level ,to the investor at the closure of the fund as the fund has got limited tenure of life. If fund make any business profit, which will not be distributed to investor and dstibute to promoters and not to investors.
e) Fund collects Management fee from the investors and do they spend entire amount and where this money is accounted
f) The investee companies ( portfolio companies) deduct TDS on the income distributed to investors . Is it true that these incomes are exempt from TDS. and tax liability is to be discharged by investors . The Portfolio companies will not deposit TDS promptly.)
g) PTI schdeule in ITR shows only entries of income like dividend ,interest,capital gain. Since there is no provision for showing expenditure , can we show only net income duly distributing expenditure on all items like dividend , capital gain ?
e) D
.
Is it necessary to show the Dividend income to declare under Exempted income schedule
f O S
capital gain on sale od
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