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C.A. Sanjay Bhatia (CA)     21 February 2008


can anyone suggest me treatment of MUTUAL FUNDS on purchase,every year treatment,and on maturity ??
while preparing income tax return..

 4 Replies


pushpendra (Director- FinMAT Consultants)     21 February 2008

there are Two type of Mutual fund 1 is on tax benefit is availabe on other one on which tax benefit is not available. --- on Purchase -- if 1st type then you can claim exemption in the yr. or purchase ( But there is lock in for 3 years) --- and other than this there is no tax benefit is available and no lock in perod. ------- Every year --- if Dividend is received --- Div. is not taxable under income tax act. --- Year of maturity -- MF is not taxable
CA. Amit Daga

CA. Amit Daga (Finance Controller CA. CS. CFA. CIFRS. M.COM. )     22 February 2008

Because that dividend is exempted u/s 10(32) of income tax act..puspendra yar .. in short you give very good discripttion...just i would like to say you one thing this are not the types ( tax and non tax) they are benefits.. Mutual funds are closed fund .. open funded these are the types but still good job yar

pushpendra (Director- FinMAT Consultants)     22 February 2008

thanks amit
Saroj Rana

Saroj Rana (MBA Finance)     25 February 2008

Hi Amit, Good Job I would like to say one more thing if you sell a mutual fund with in 1 year (after purchase0 it will attract Tax

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