Income tax on mutual fund

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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

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.

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