mutual fund
This query is : Resolved
24 June 2011
An Assessee invest his surplus fund in debt scheme of mutual fund. Relating to this my questions are:
(1) What will be holding period for the purpose of long term capital gain as well as short term capital gain ?
(2) If long term capital gain is taxable, then whether indexation is available or not ?
(3) If long term capital gain and/or short term capital gain is taxable, then what will be tha rate of taxation.
(4) Whether dividend received is taxable or not ?
(1) What will be holding period for the purpose of long term capital gain as well as short term capital gain ?
(2) If long term capital gain is taxable, then whether indexation is available or not ?
(3) If long term capital gain and/or short term capital gain is taxable, then what will be tha rate of taxation.
(4) Whether dividend received is taxable or not ?
24 June 2011
Q (1) What will be holding period for the purpose of long term capital gain as well as short term capital gain ?
Ans- In case of units of equity oriented mutual funds , long term capital gains are exempt.
However, in case of debt scheme of mutual funds the capital gains are not exempt. Holding period of more than 12 month, will make such units as Long Term Capital Asset. Units held for a shorter period then 12 months are treated as Short Term.
Ans- In case of units of equity oriented mutual funds , long term capital gains are exempt.
However, in case of debt scheme of mutual funds the capital gains are not exempt. Holding period of more than 12 month, will make such units as Long Term Capital Asset. Units held for a shorter period then 12 months are treated as Short Term.
24 June 2011
Q (2) If long term capital gain is taxable, then whether indexation is available or not ?
Reply- Indexation is available.
Reply- Indexation is available.
24 June 2011
(4) Whether dividend received is taxable or not ?
Reply-
Dividend from mutual fund is exempt from tax like dividend from Indian Companies.
Reply-
Dividend from mutual fund is exempt from tax like dividend from Indian Companies.
24 June 2011
(3) If long term capital gain and/or short term capital gain is taxable, then what will be tha rate of taxation.
Reply-
Long Term Capital Gain is taxable @ 20%
and STCG is taxable at normal slab rates applicable to the assesee.
Reply-
Long Term Capital Gain is taxable @ 20%
and STCG is taxable at normal slab rates applicable to the assesee.
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