I didnt understood that?
You meant in say 5 years (or less or more) total amount should less then 2 lacs or you meant 1 FY
You meant in say 5 years (or less or more) total amount should less then 2 lacs or you meant 1 FY
Just like Credit Card spends in excess of 2 L are reported (AIR) by banks to IT Dept. but in this case it has to be in a Fin Year.
In case of MF the words 'in a year' in AIR rules is missing, hence it means that TOTAL investment even if spread over several years will be counted towards Rs.2 L.
Investors have even got IT notices when they shift moneies from one scheme to another in same AMC/MF, because though they have invested less than 2 L but the current value is more than 2 L & shifting from one sceheme to another caused the 2 L limit to trigger.