Hi, For FY 2024-25 i need to plan my tax (for old-regime) so i want to redeem my previous ELSS MF and move it to a liquid MF, then after scheduled days to retain amount in liquid MF, i want to invest in the same ELSS MF. How will i be taxed in the year end for redemption to liquid fund and reinvest in an ELSS MF.
Menu
MF taxation
Replies (2)
Quick Summary
Hello
The ELSS MF does not allow you to withdraw the funds till 3yrs.
In case, your funds or units are eligible for withdrawal then it will be treated as LTCG (Equity) and will be taxed at the rate of 10% above Rs. 1 lac
there will be no taxation at the time of investing or purchasing any MF
Further, liquid funds are considered as Debt funds, therefore for STCG, tax will be calculated as per slab rates.
The ELSS MF does not allow you to withdraw the funds till 3yrs.
In case, your funds or units are eligible for withdrawal then it will be treated as LTCG (Equity) and will be taxed at the rate of 10% above Rs. 1 lac
there will be no taxation at the time of investing or purchasing any MF
Further, liquid funds are considered as Debt funds, therefore for STCG, tax will be calculated as per slab rates.
Thanks Vishal for the update. so i'll have to pay STCG (as per tax slab)for redemption to liquid fund from ELSS fund. Then, in case the ELSS fund is above 1L then 10% LTCG is applicable. is my understanding correct?
Recent Topics :
- Itr 4 problem
- Capital Gains Mismatch Due to Sale Agreement in FY
- REGARDING NRO INVESTMENT IN SHARES OF DOMESTIC COM
- DTAA benefits
- SUPPLEMENTARY AGREEMENT FOR ADDING A PARTER IN TN
- Part availmement of ITC in case of rejection of su
- Due date for itr 5 no audit with loss for fy 25 26
- Capital Gains Mismatch AIS
- Inward E-way bill from Tally Prime 7.1
- Query regarding exemption under Section 10(10AA) &
Related Topics :
CAclubindia
