Mutual funds
This query is : Resolved
23 July 2013
Dear Sir,
Equity oriented mutual funds are subject to STT & Debt oriented are subject to normal rate of tax.
Is this correct???
Equity oriented mutual funds are subject to STT & Debt oriented are subject to normal rate of tax.
Is this correct???
CA PARAS BAFNA
(Expert)
23 July 2013
50-50 correct & 50-50 incorrect.
.
Income tax is levied on equity oriented units also-when sold within 1 year.
.
If held for more than 12 months, capital gains income is exempt.
.
In case of Short term capital gains -
Debt Oriented mutual fund units(DOMFU), Special Rate 15% applies when the units are sold within 12 months of purchase .
.
In case of Long term (DOMFU)- Indexation will apply and special rate of 20% is applicable.
.
.
Income tax is levied on equity oriented units also-when sold within 1 year.
.
If held for more than 12 months, capital gains income is exempt.
.
In case of Short term capital gains -
Debt Oriented mutual fund units(DOMFU), Special Rate 15% applies when the units are sold within 12 months of purchase .
.
In case of Long term (DOMFU)- Indexation will apply and special rate of 20% is applicable.
.
24 July 2013
Thank you so much sir
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