Tax on CG from MF for PIO
This query is : Resolved
01 July 2022
A PIO invests in MF from his NRE account. On redemption if the redeemed amount is transferred by MF to his NRO account, will it be subject to LTCG? As far as my knowledge goes MF investments by PIO from his NRE accounts are exempt from any tax , but I want it to be confirmed. The doubt arises because MF is transferring money to his NRO account, since bank is not accepting money in his NRE account.
Are there any specific requirements for MF to transfer money in NRE account, when they have been given NRE account statements showing money was invested out of NRE funds
Are there any specific requirements for MF to transfer money in NRE account, when they have been given NRE account statements showing money was invested out of NRE funds
02 July 2022
1 Interest on NRE deposit is exempt from income tax. LTCG from NRE investment is taxable.
2 No such requirement.
2 No such requirement.
02 July 2022
If PIO buys a long term insurance policy and pays premium on it and insurance company invests part of money as per terms of Policy in equity funds, (ULIP) then on withdrawal of money from accumulated fund does it become taxable as LTCG or is exempt?
02 July 2022
In Budget 2021, it was announced that if the annual premium of ULIP investments is more than Rs 2.5 lakh (i.e., high value premium policies), the return earned will not be tax exempt. Now, the Central Board of Direct Taxes (CBDT) has issued a notification explaining how the capital gains on unit-linked insurance policies (ULIPs) will be computed. The basic framework suggested by CBDT takes consider of all payments received by the policy holder as income whether it is for withdrawal or as bonus.
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