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Equity-Linked Savings Scheme


avikal chauhan   11 August 2020

avikal chauhan

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when Equity-Linked Savings Scheme amount withdraw after 3 years,then TAX chargeable under which section

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CA Sunil Kumar (Chartered Accountant)     11 August 2020

CA Sunil Kumar
Chartered Accountant 
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Section 112A If returns (Long-term capital gains) from ELSS is above Rs 1 lakh,then it would be taxed at 10 percent without any indexation benefit.

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Asha Kanta Sharma (Manager - Finance & Accounts)     11 August 2020

Asha Kanta Sharma
Manager - Finance & Accounts 
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The entire invested capital amount which was earlier claimed as deduction as ELSS now will be taxed at normal rates.

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CA Sunil Kumar (Chartered Accountant)     12 August 2020

CA Sunil Kumar
Chartered Accountant 
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Dear Asha Kanta Sharma,ELSS mutual funds come with a mandatory lock-in period of three years, arguably the shortest lock-in period among the tax-saving options available under Section 80C

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