Equity based Mutual Fund Profits
This query is : Resolved
Chandrika Subramaniyan
(Querist)
21 January 2011
Dear Sir,
1.For income tax calculation purpose should I include the profits booked on Equity based Mutual Funds held since Nov 03 to Dec 08 (From funds that are held more than a year too) in to account ? ( Some of the funds are still held )
2. Also should I take in to account the income from sale of a non performing Equity Based Mutual Fund held for more than a year or more ?
Thank You
Chandrika
1.For income tax calculation purpose should I include the profits booked on Equity based Mutual Funds held since Nov 03 to Dec 08 (From funds that are held more than a year too) in to account ? ( Some of the funds are still held )
2. Also should I take in to account the income from sale of a non performing Equity Based Mutual Fund held for more than a year or more ?
Thank You
Chandrika
21 January 2011
Sale of units of Equity oriented MFs held for more than one year are treated as Long term capital gains and are exempt from tax u/s 10(38)
Message likes :
1 times
21 January 2011
You have to calculate profit on all occasion of sales, both in 1st & 2nd case.
Further to what Mr. Ravi has said, the other condition for exemption of long term capital gain under section 10(38) is that, STT has been paid on redemption otherwise it will attract 20 % tax (with indexation) or 10 % tax (without taxation).
Further to what Mr. Ravi has said, the other condition for exemption of long term capital gain under section 10(38) is that, STT has been paid on redemption otherwise it will attract 20 % tax (with indexation) or 10 % tax (without taxation).
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
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GST input credit on commercial property
- GSTR-9C filing
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Royalty payments to the Mining Department for procurement of murum - GST input
- Advances to related party
- GST ITC as per notification 12/2023- central tax
- LLP audit and disclosure
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
