Ltcg elss

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This query is : Resolved

SANDEEP AGRAWAL (Querist)

03 May 2018 My father invested in Mutual fund ELSS in May 2015 with my name in nomination. He expired in June 2016 and subsequently, the units were transmitted in my name as I was the nominee in Sept.2016. Now after 3 years of investment, in May 2018, can i redeem these ELSS schemes and still claim LTG benefit under ELSS ?? As it is, these investments are in my name since last 18 months. What will be the taxability in my hands, if I redeem these units??

Anmol Davesar

Anmol Davesar (Expert)

05 May 2018 yes, you can take benefit of LTCG EXEMPTION upto rs. 1 lac.. if your ltcg comes 130000, you have to pay 10% on 30000.

its a detailed calculation for computing ltcg.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

09 May 2018 If the investment is made only in 2015 and seems to be of a single time payment, the difference of amount received on realisation and amount invested will be the capital gains. The manner of computation of tax has already been explained by CA Anmol.

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