Tax on Long Term Capital Gains
This query is : Resolved
14 December 2020
Dear Sir,
An Assessee has Long Term Capital Gains on Sales of Mutual Funds of Rs. 1.70 Lacs. Whether there is exemption of Rs. 1.00 Lac on Sales of Mutual Funds and he has to pay Tax on the balance amount i.e. Rs. 70,000.00. Please suggest.
Thanks,
Abhishek.
An Assessee has Long Term Capital Gains on Sales of Mutual Funds of Rs. 1.70 Lacs. Whether there is exemption of Rs. 1.00 Lac on Sales of Mutual Funds and he has to pay Tax on the balance amount i.e. Rs. 70,000.00. Please suggest.
Thanks,
Abhishek.
15 December 2020
Yes, upto 1 lac exempt.
Long term capital gains accrued from selling equity shares and equity-oriented mutual funds are exempt from tax up to Rs 1 lakh in a financial year. The gains in excess of Rs 1 lakh are taxed at flat 10%.
Long term capital gains accrued from selling equity shares and equity-oriented mutual funds are exempt from tax up to Rs 1 lakh in a financial year. The gains in excess of Rs 1 lakh are taxed at flat 10%.
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