Tax Free Mutual Funds

This query is : Resolved

sandhya (Querist)
Follow

23 July 2022 Hi,

I have invested Tax free mutual funds in the year of 2016 , sold in the year of 2021

1 lakh is invested and 52000 odd amount got as a gain,

can you please tell me how to file ITR

is this 52000 is taxable ??
the information is visible under AIS under income tax portal

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

23 July 2022 Rs. 52000/- not taxable, file ITR 2 and fill the details in 'Schedule 112A'

Adv. Ravish Bhatt, ADIT, CIOT

Adv. Ravish Bhatt, ADIT, CIOT (Expert)
Follow

26 July 2022 Proceeds from sale of ELSS (popularly known as Tax Free Mutual Funds) are not exempt from taxation and any such proceeds will be taxed once capital gains exceed the limit of 100000 rupees as provided u/s.112A of the Act. In your case total gain from sale of the funds is 52000 and therefore exempt. However, do check-up if you sold any other mutual funds/ equities in concerned financial year, in which case the limit of 100000 has to be seen considering the total gains from sale of different mutual funds or equities.

Author: Advocate Ravish Bhatt
Gmail: ravishdbhatt@gmail.com
Link to Linkedln Profile: https://bit.ly/3IDGfsU

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MAYANK

Vivekanand Sagar

nilesh

yadagiri

Mohit Kumar

Subscribe Now

Tax Free Mutual Funds

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA