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TAX ON LTCG ON MUTUAL FUND UNITS

This query is : Resolved 
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(Querist)
04 September 2010 HELLO EVERYONE,
MY BROTHER HAS PURCHASED MUTUAL FUND UNITS(OTHER THAN EQUITY ORIENTED) IN 2008 FOR RS.50000.

IN AUG-11 HE SOLD ALL THE UNITS FOR RS.100000.

WHAT IS THE RATE OF TAX ON LTCG??
IS INDEXTATION ALLOWED??

WAINTING URGENTLY FOR UR REPLY.
THANX IN ADVANCE
MY id abhipcc@rediffmail.com
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CA SMR

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CA SMR (Expert)
05 September 2010 Refer to https://www.caclubindia.com/experts/long-term-capital-gains-on-mutual-funds-446390.asp
If shares or equity MFs are held for more than 12 months before selling, the gain arising is classified as Long Term Capital Gain.

In the case of long term capital gain arising out of the sale of shares or equity mutual funds, there is no income tax.

The long term capital gain in this case is tax free.
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