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Capital gains on sale of mutual funds

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 May 2011 Short term and Long term capital gains of mututal funds are exempt from income tax act.

please provde the section also.
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
10 May 2011 only long term capital gains on sale of units of equity oriented mutual funds(minimum exposure in equities is 65% and mutual fund should be set up as per sec 10(23D) is exempt under sec.10 (38) of Income Tax Act,1961. short term capital gains are taxable.
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
13 May 2011 Long term capital gain on sale of equity oriented mutual fund are exempt u/s 10(38).

Short term caiptal gain on sale of mutual fund are taxable @ 15%
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