Sec 10(23d) income from mutual funds
This query is : Resolved
CA Raman Goel
(Querist)
30 August 2012
Whether short term capital gain arise from sale of mutual funds exempt u/s 10(23d)(ignore nature or types of mutual funds)if not, then what are the incomes arising from mutual funds which are exempt under this sec [10(23d)]
And if it is long term capital then under which sec it is exempt.[sec 10(23d),10(38),10(36)]
And if it is long term capital then under which sec it is exempt.[sec 10(23d),10(38),10(36)]
31 August 2012
1. U/s 10(23D) income of the MUTUAL FUND is exempt.
Income earned by an investor is NOT exempt u/s 10(23D).
2. STCG is taxable.
3. LTCG on redemption of units of an equity oriented mutual fund is exempt u/s 10(38).
Income earned by an investor is NOT exempt u/s 10(23D).
2. STCG is taxable.
3. LTCG on redemption of units of an equity oriented mutual fund is exempt u/s 10(38).
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