Is the Rs 2 lakh limit for declaring MF purchases in AIR applicable to single purchase or over entire year?

as per Indian Incme tax laws, "Payment made by you of an amount of two lakh rupees or more for purchase of units of
Mutual Fund" needs to be declared in Schedule AIR of the ITR form. Is this 2 lakh limit for a single transaction or sum of all purchases in a single MF/folio over the yaer or sum of all MF tranasctions in the year across all MFs/folios in my name.

Over entire year. That means if you buy 1.5 lakhs once and later 60 thousands, that means you have purchased for 2.1 lakhs. It applies mutual fund wise. Your total investment will be totaled on your PAN number. You cannot have two different folios in same MF. May be you are having different options, but the MF folio will be same. If the amount is = >2 lakhs then AIR applies and MF will send the details to Income tax wala.

The rule for this is not clear. In my view I feel that you need not declare in AIR if you have invested 1 lakh in Kotak MF, 1.5 lakhs in SBI MF and Rs.1.9 lakhs in UTI MF. Because it is not 2 Lakhs in any single MF. The rule in the AIR says that you have to declare over and above 1 lakh of shares acquired. Many people apply for Rs.99,000 of shares in public issues and like that for many companies in that year. If you total their application money, then it may cross 10 lakhs also. But no one is declaring it in AIR.

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