Income tax on mutual fund
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 August 2011
I want to what is the tax-ability of income from mutual fund and amount recd from mutual fund after redemption on equity mutual funds
plz guide me
plz guide me
CA PARAS BAFNA
(Expert)
20 August 2011
Income from mutual fund is exempt from Income Tax.
.
Equity Oriented Mutual Funds sold after 1 year of holding do not attract any tax, as
the gain is treated as long term capital gain.Exempt U/s 10(38) .
.
EOMF -STCG attracts tax @ 15%
.
On MF, other than EOMF arising capital is
taxable @ 20% subject to indexation , in case of LTCG- (1yr Holding).
.
STCG taxable at the normal rate or as per slab rates.
.
Equity Oriented Mutual Funds sold after 1 year of holding do not attract any tax, as
the gain is treated as long term capital gain.Exempt U/s 10(38) .
.
EOMF -STCG attracts tax @ 15%
.
On MF, other than EOMF arising capital is
taxable @ 20% subject to indexation , in case of LTCG- (1yr Holding).
.
STCG taxable at the normal rate or as per slab rates.
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