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Need Help Regarding Tax on Mutual Fund

Darshan Kapadia (Teacher ) (25 Points)

16 November 2022

Respected Expert, I am a teacher by profession and having annual salary of Rs 8,00,000. I want to redeem my mutual fund worth 3,00,000 with gain of 1,15,000 which I purchased 4 years back. All these mutual funds are not ELSS. I want to spend this amount on construction of floor on my current house which is named on my father. I have a question that should I eligible save tax on mutual fund gain under section 54 of income tax? Please guide me for this situation. Thank you in advance.

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195535 Points)
Replied 16 November 2022

First of all your tax liability over the (MF EQUITY units, 4 years old) would be Rs. 1500/- + cess.

Better do not try to save u/s. 54 of the act as the same is not eligible.

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Darshan Kapadia (Teacher ) (25 Points)
Replied 16 November 2022

I understand. Thanks a lot for the quick reply.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195535 Points)
Replied 16 November 2022

You are welcome..

Darshan Kapadia (Teacher ) (25 Points)
Replied 17 November 2022

Respected Sir,

Sorry to bother to once again. With the income of Rs. 8,00,000 and deduction in 80C = Rs. 1,50,000, NPS under 80CCD = Rs. 50,000, and health insurance = Rs. 17,000, I need to pay of tax of around Rs. 20,000 for this year assessment. Is this redemption considered as income and paid tax on total income? or tax on income from salary and long term capital gain are calculated separately?

Please guide me on this.