Mutual fund tax ?

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AMIT (Querist)
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18 July 2010 ihave invested in a reliance mutual fund
Rs.100000 on 1 april 2009 and sold the same for Rs. 135000 on 30 may 2010
STT is applicable in the above fund and fund is equity,

my query is

1. what will be the tax treatment for the above Rs. 35000 gain

2. does it make any differnce if STT is not applicable and if the fund in other than equity

3. is there any ways to exempt such taxes ?

please answer me point wise,

thanks

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 July 2010 1. Gain is exempted under section 10(38) of the Income tax Act,1961.
2. Gain is taxable @ 20% under section 112 of the said act subject to cost indexation.
3. If the case is covered under clause 2 above, reinvestment can be done in accordance with section 54EC and 54F of the said act.

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AMIT

AMIT (Querist)
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19 July 2010 really thanks for such step wise answer

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