Long term capital Gain of Mutual funds

This discussion clarifies the requirement to declare long-term capital gains (LTCG) from mutual funds on your Income Tax Return (ITR). Generally, LTCG must be declared if your gross total income exceeds the basic exemption limit. For equity mutual funds, LTCG up to £1 lakh is tax-exempt, meaning no additional tax liability arises in most cases. Rectifying missed declarations for previous financial years can be complex, especially if no additional tax is due.