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Capital gains on sale of mutual funds

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Querist : Anonymous

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.

CA Vijay Kumar Gupta

CA Vijay Kumar Gupta (Expert)
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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.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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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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