Tax on mutual fund

This query is : Resolved

anand (Querist)
Follow

29 January 2013 is there income tax levy on benefit on mutual fund. i explain my query with example.
if i pay installment of 5000 per month, after 4 years i.e. i have paid 240000 now, i got 350000. it means my benefit is 110000 on mutual fund. is this amount is taxable or not. please clarify this.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

29 January 2013 As I understand- you have to bifurcate the capital gains in LT and ST.
.
Against units allotted within 1 yr from the date of transfer or repurchase- Short Term Capital Gain has to be calculated.
.
The balance being LTCG -will be exempt income.
.

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