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Data for investment trust purchases will be captured on Form 26AS

Mumbai: Can the Income Tax Office accept Long-term capital gains Tax (LTCG) statement given by AUM of investment trust?

-Withhold name upon request.

AUM or assets under management are indicators of trust performance and its size. This refers to the total market value of the assets that the investment trust manages at a particular point in time.

Investment in investment trusts is usually managed by an asset management company (AMC). These companies provide a detailed year-end report of personally entered transactions, along with a summary of the capital gains or losses suffered by their unitholders. You can rely on the data provided by these fund managers, but the calculations they perform to reach the figures of profits or losses incurred need to be thoroughly validated before submitting a return of income. there is. You need to make sure that the rules related to grandfather, indexing, etc. are applied correctly. This practice extends throughout the industry.

The Income Tax Department has in the past accepted such a statement from AMC for the purpose of verifying capital gains. Also, at the individual level, such statements are a reliable source of information, as it can be very difficult to maintain transaction details. Data on the purchase of trusts will also be collected on Form 26AS based on the records submitted by such trust managers to the Income Tax Office.

–Nangia & CoLLP partner Shailesh Kumar replied. Send a query to mintmoney@livemint.com

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Data for investment trust purchases will be captured on Form 26AS

Source link Data for investment trust purchases will be captured on Form 26AS

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