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Gain on mutual funds

Tax queries 1569 views 15 replies

long term capital gain on mutual funds is taxable or exempt?

Replies (15)

exempt if the mutual fund is equity based fund i.e. having equal to or more than 65% investment in equity..

 

YES AGREE WITH ABOVE AND BY VIRTUE OF SECTION 10(35).

Agree with tushar......

In the case of long term capital gain arising out of the sale of shares or equity mutual funds, there is no income tax under section 10(38) is fully exempt.

these are normal mutual funds and i think co. never tell us what they will do with the money recd. against mutual funds..

 

i mean how can i know they invest >65% in equity
 

Dheeraj......

in FACTSHEET of any AMC it is specified about it... as EQUITY oriented mutual fund schemes.....

or else you can check out at...

https://www.amfiindia.com/schemedetails.aspx

i think all mutual funds are not exempt

like mutual funds of Reliance, HDFC, UTI etc.

check the document under link to find that your mutual fund is exempted or not

https://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2008ITAct/sec_010(23d).htm

@ US Sharma...

 Already read this page..

this page does not include all as specified above like HDFC etc.

 

@ Durgesh Thanks Sir, But this site is not working...

go to your mutual fund site and check the status of specific fund, also the redemption memo contain the exemption notification data.

 

mere on gross information "mutual fund" discussion can not continue. unless specific fund details are available 

 

you can try 

https://www.amfiindia.com

 
or search as AMFIINDIA on google.com you will get the working link/site........

agree with tushar                                  

yes it is exempt...agree with all of them

LONG TERM CAPITAL GAIN ARISING ON MUTUAL IS EXEMP UNDER SEC 10(38) IF AND ONLY IT IS LISTED OTHERWISE IT WILL BE TAXABLE.

No need to rack your brains-if the AMC has deducted STT,then it is exempt.Otherwise taxable.


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