Equity based Mutual Fund Profits

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Chandrika Subramaniyan (Querist)
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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

Ravikant

Ravikant (Expert)
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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)

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CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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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).

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