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Income Tax

Tax queries 926 views 8 replies

IF a mutual fund has been sold within 18 months of its purchase....
wud it be a long term CG or STCG , if there is no STT paid on either purchase or sale ?

Replies (8)

LTCG

LTCG

Definitely LTCG because u have hold it for more than 12 months.

 

 

LTCG for sure ........ and will be tax @ 20%

Originally posted by :VARUN
" LTCG for sure ........ and will be tax @ 20% "


 

Dear Varun,

 

It shall be taxed at lower of {10% without indexation and 20% with indexation}.

 

Thanks

its long term capital gain

LTCG

LTCG if u r holding it for more then 12 months.

if no stt is paid then u can not avail the benefit of section 10(38) as section 10(38) requires fulfillment of following two conditions:-

 

 Long term Capital gain must arise on transfer of equity shares of a listed company or units of equity oriented mutual funds(a mutual fund wherein investible funds are invested in domestic companies for more than 65% of the total proceeds of such fund)   

 

  Such transaction is chargeable to Securities Transaction Tax.

further if u have any query u can reach me on 

sunil.kotak @ money-matters.in

Thanks,

sunil

 

 


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