Income Tax on Long Term Capital Gains on redemption of Equity mutual funds.
This query is : Resolved
Quick Summary
26 June 2024
Sir, My wife is under zero tax bracket(earns Rs.2.7 lakh per annum) and if she redeems equity mutual funds invested for more than a year and profits crossing 1 lakh, TDS of 10% is deducted. Query is as she is in Zero tax bracket, can she get the deducted TDS refunded on filing IT returns.
Dhirajlal Rambhia
(Expert)
26 June 2024
1. TDS is not deducted.
2. Even if deducted the amount is refundable, by filing relevant ITR.
2. Even if deducted the amount is refundable, by filing relevant ITR.
27 June 2024
Sir, TDS is automatically deducted @10% when profit crosses 1 lakh isnt it?
Dhirajlal Rambhia
(Expert)
27 June 2024
No. For Resident Indians, TDS doesn't get deducted in Equity based MF units
Dhirajlal Rambhia
(Expert)
29 August 2024
Good Luck.
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