Tax on redemption on mutual funds
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 May 2012
1.)Fund Name:BSL MIP II Savings-5 MD-Payout
Purchase:
09/06/2009; Amount: Rs.25000
Sale:
21/11/2011; Amount: Rs.25129.83
2.)Fund Name:BSL Dynamic Bond Fund-Retail- QD-Payout
Purchase:
16/09/2009; Amount: Rs.9000
Sale:
21/11/2011; Amount: Rs.11733.54
3.)Fund Name:BSL Govt. Securities Long Term Growth
Purchase:
28/08/2009; Amount: Rs.10000
08/10/2009; Amount: Rs.5000
Sale:21/11/2011; Amount: Rs.17520.10
Please guide me about the taxability of these bonds
Purchase:
09/06/2009; Amount: Rs.25000
Sale:
21/11/2011; Amount: Rs.25129.83
2.)Fund Name:BSL Dynamic Bond Fund-Retail- QD-Payout
Purchase:
16/09/2009; Amount: Rs.9000
Sale:
21/11/2011; Amount: Rs.11733.54
3.)Fund Name:BSL Govt. Securities Long Term Growth
Purchase:
28/08/2009; Amount: Rs.10000
08/10/2009; Amount: Rs.5000
Sale:21/11/2011; Amount: Rs.17520.10
Please guide me about the taxability of these bonds
11 May 2012
All of them are long term capital assets and accordingly the gain arising from such sale is exempt in the hands of the assessee.
CA CS Amit S. Kedia
(Expert)
11 May 2012
Capital gain on these is not exempt and you can get the benefit of indexation if these are held for more than 1 year.
Accordingly, LTCG or LTCL will arise that will not be exempt u/s 10(33),10(35), 10(38) or any other section.
Accordingly, LTCG or LTCL will arise that will not be exempt u/s 10(33),10(35), 10(38) or any other section.
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