My friend had invested RS 5000( 500 UNITS) in his Minor child's name in Tata Young Citizen fund (Tata MututL FUND)
His son is major and status with CAMS is changed with KYC. He has redeemed the units and got 76k. Is the gain taxable?
My friend had invested RS 5000( 500 UNITS) in his Minor child's name in Tata Young Citizen fund (Tata MututL FUND)
His son is major and status with CAMS is changed with KYC. He has redeemed the units and got 76k. Is the gain taxable?
Long term Gains are exempt under sec 10(38) if it is an equity oriented fund
If it is a debt instrument then holding period should be more than 3 years and amount received will be exempt u/s 10(38)
if it is a equity oriented fund then minimum holding period is 1 year to be treated as LTCG and hence exempt u/s 10(38)
Ok thanks Ompal and Sivaram
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