I had invested Rs 10000 in 1000 units of UTI CCP scholarship plan in Oct 2000.And as per the provision of the said scheme the redemption proceeds
is payable to the beneficiary after completion of 18 years of age in 4 instalments(1 instalment every year).
I want to know in the above case how it will be treated for the calculation of the long term capital gain tax and what will be the capital gain tax rate in the above case
i.e. whether it will be 20 %,10 %,or 0% and if it can be assumed that security transaction tax is paid by UTI in the above case.
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Query : long term capital gain
Replies (1)
UTI CCP Scholarship plan is a Debt-Oriented Fund. The capital gain in your case is long term capital gain as the holding period of the units is more than 3 years.
The long term capital gain on debt oriented fund is taxable at 10% of the gain amount without indexation (Sale consideration less cost of acquisition) or 20% of the gain amount with indexation (Sale consideration less indexed cost of acquisition), whichever is less.
Regards,
CA Simarpreet Singh Gulati
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