24 March 2008
Dear All My query related to investments u/s 80C wherein funds are locked for a 3 yrs period. If for instance I invest in an ELSS Mutual Fund, I get units allotted in my name. After a 3 yr lock in period, it is taxable, if redeemed. My question is that whether MF is considered as security under the Securities Contract regulation Act, if yes, then it would be a long-term capital gain on securities, which would not be taxable. Then why is the whole amount subject to tax wherein the principal amount is also involved along with appreciation Pl. suggest. C.A.Satyen Sharma
31 May 2012
if a investement which is claimed u/s80c, is sold within lock in period than the whole net proceeds from sale will be taxable as capital gain
CAclubindia
