Mutual funds

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Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 how can we taxable income from mutual funds specially SIP (systematic Investment Plan ) . for ex. Rs 5000 invested per month for 5 years starts from 1.10.2012 and we sold on 31.3.2014( Months 18 ) i.e 18 * 5000 = 90000 and we received Rs 120000 then how much we have to pay tax for F.Y 2013-2014. ( period from 1.10.2012 to 31.3.2013 ) will be long term and rest will be short term.
Its really urgent and it will be great if anyone can reply me

Nikhil Kaushik

Nikhil Kaushik (Expert)

12 June 2014 for units purchased before 31 March 2013, there will be no tax as the same would be covered under section 10(38). for units covered purchased after 31 March 2013, the gains shall be charged under short term capital gains under section 111A at 15%.

you need to bifurcate the sale amount against the units purchased before and after 31 march 2013

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2014 ohkk Thank you sir for replying the answer and sir i will be very thankful to you if u bifurcate or calculate the tax liability for me , because i am totally confused to bifurcate or calculate tax liablity on this transaction

Nikhil Kaushik

Nikhil Kaushik (Expert)

13 June 2014 I understand friend. I told you the principal to be followed. You gotta do he computation on your own.

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