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Sale of Mutual Fund

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Proprietor
230 Points Posted on 17 December 2021
One of my client invested in Mutual Funds in the year 2013 and again in the year 2018 and he has sold the same in the F.Y.20-21. Weather it is taxable now. If yes at what rates. and what about the calculation. Weather Difference between purchase and sales???
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On 17 December 2021 at 23:15 Report
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Student
90 Points Posted on 18 December 2021
Hi VinodKumar

Mutual Funds are taxable when you sell units & depends upon the holding period. In your client case, it is Long Term Capital Gain. If Long term capital gain is upto 1Lakh, then no need to pay any tax on such income. If it exceeds Rs 1lakh then 10% on the excess amt over & above 1 lakh
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On 18 December 2021 at 00:12
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CA
10436 Points Posted on 18 December 2021
Yes continuing my friend's answer as above:

Income (LTCG) from mutual funds is the difference between Sales Price and Purchase price.

Indexation is not applicable in case of Shares, Mutual funds.
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On 18 December 2021 at 22:25
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Student
90 Points Posted on 18 December 2021
Thanks for reminding this point.
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On 18 December 2021 at 22:31
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CA
10436 Points Posted on 18 December 2021
Please like the answer if you are satisfied ☺️
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On 18 December 2021 at 22:33
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Proprietor
230 Points Posted on 18 December 2021
Thank you very much
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On 18 December 2021 at 23:28
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CA
10436 Points Posted on 18 December 2021
Your welcome 😃
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On 18 December 2021 at 23:29


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