Capital gains
This query is : Resolved
21 October 2013
One of my clients invested in the name minor
daughters under UTI Rajlakshmi Unit Plant II
called RUP II. When the same was discontinued, he opted for conversion into
UTI Children Career Balance Plan called CCBP
during FY 2004-05. Now the above said CCBP
units were realised during minority of children-FY 2012-13. No STT was paid. Will
this result in Long-term capital gains? or
can exemption claimed u/s 10(38)?Kindly clarify.
G.SAI VENKATA CHALAM
daughters under UTI Rajlakshmi Unit Plant II
called RUP II. When the same was discontinued, he opted for conversion into
UTI Children Career Balance Plan called CCBP
during FY 2004-05. Now the above said CCBP
units were realised during minority of children-FY 2012-13. No STT was paid. Will
this result in Long-term capital gains? or
can exemption claimed u/s 10(38)?Kindly clarify.
G.SAI VENKATA CHALAM
21 October 2013
Dear Chalam,
According to the scheme document the UTI Children Career Plan was not an equity plan. Accordingly exemption under Section 10(38) won't be available to the capital gains arising out of sale of such units.
According to the scheme document the UTI Children Career Plan was not an equity plan. Accordingly exemption under Section 10(38) won't be available to the capital gains arising out of sale of such units.
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