Capital gain on mutual funds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 September 2011
sir,
i am invested every month 9000/- in mutual fund through sip from April 2007 to August 2011 and this sept i had sold all the units of mutual funds. what is the procedure and tax liabilities in my hand.plz help me and suggest the income tax Sections also.
i am invested every month 9000/- in mutual fund through sip from April 2007 to August 2011 and this sept i had sold all the units of mutual funds. what is the procedure and tax liabilities in my hand.plz help me and suggest the income tax Sections also.
17 January 2012
Each SIP instalment in mutual fund shall be treated individually for computing the period of holding.
Period of holding shall be calculated from the date of investment to the date of sale.
Where the period of holding is more than 12 months, the capital gain shall be exempt.
Where the period of holding is less than 12 months, the capital gain shall be Short Term Capital Gain.
Tax rate will depend on the nature of the mutual fund.
If it is an equity oriented fund tax rate will be 15%.
Otherwise, normal slab rate shall apply.
Period of holding shall be calculated from the date of investment to the date of sale.
Where the period of holding is more than 12 months, the capital gain shall be exempt.
Where the period of holding is less than 12 months, the capital gain shall be Short Term Capital Gain.
Tax rate will depend on the nature of the mutual fund.
If it is an equity oriented fund tax rate will be 15%.
Otherwise, normal slab rate shall apply.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Liable to deduct tds and 44ADA
- Payment to foreign customer
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- Subscription paid to foreign customer
- Non issue of e way bill
- ECO SUPPLY REPORTIONG IN GSTR-1
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Refund of 20%pre-deposit paid for stay application
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
