Sale of mutual fund units
This query is : Resolved
RUPESH R.H.
(Querist)
05 August 2014
Dear sir,
I have invested in Fidelity Equity Fund Growth from 23.8.2007 of Rs.5000/- monthly SIP till the date of 23.6.2011 after that I didn't invested and the total invested amount was Rs.230000/- till the date on 23.6.2011 and now I have sold all the units on 14.5.2013 and received the sum of Rs.320000/- sir, I want to ask the following queries
1) Whether the income from sale of investment Units is taxable ?
2) How to calculate the Capital Gain on sale of investment of Units ?
Please mentioned the section wise details
Sir i request to you please reply as early as
Thanks in Advance
RUPESH
I have invested in Fidelity Equity Fund Growth from 23.8.2007 of Rs.5000/- monthly SIP till the date of 23.6.2011 after that I didn't invested and the total invested amount was Rs.230000/- till the date on 23.6.2011 and now I have sold all the units on 14.5.2013 and received the sum of Rs.320000/- sir, I want to ask the following queries
1) Whether the income from sale of investment Units is taxable ?
2) How to calculate the Capital Gain on sale of investment of Units ?
Please mentioned the section wise details
Sir i request to you please reply as early as
Thanks in Advance
RUPESH
Nikhil Kaushik
(Expert)
06 August 2014
1. it would be totally exempt from LTCG tax.
2. for computation of capital gains (though not taxable) shall be same as any other long term capital asset. just that there wont be any tax on it.
2. for computation of capital gains (though not taxable) shall be same as any other long term capital asset. just that there wont be any tax on it.
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Rupesh Jain
(Expert)
06 August 2014
it is not taxable under LTCG tax if you pay security transaction tax u/s 10(38)
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