Tax treatment for elss mf gains after 3 year lock in periodg

I invested 100000 in elss mf. After 3 year lock in was over i redeemed it for 150000. So my gain from redemption is 50000.

I have shown 500000 as my profit under 44ADA (51%) from my profession. My question is  

Is this 50000 gain  from mf added to 500000 from my profession and my tax is calculated on 550000 at regular tax slabs  ?

OR

IS THIS 50000 from mf  taxed at different rate and treated differently??

Also which itr is appropriate to file? (Income  from profession plus  gains from mutual fund sell)

Replies (5)
Quick Summary
This discussion clarifies the tax implications of redeeming ELSS (Equity Linked Savings Scheme) mutual fund investments after the mandatory 3-year lock-in period. It addresses whether the gains are added to professional income for taxation under regular slabs or taxed separately. The consensus is that ELSS gains up to ₹1 lakh are tax-exempt, and for higher gains, ITR-3 is the appropriate form to file, especially when combined with professional income.

The transaction is to be declared in schedule 112A, where it will be exempted up to 1 lakh. No tax liability will occur.

Thanks sir, but Which itr return to file?? 

File ITR 3.                           

Ok sir

Many thanks

 

YOU ARE WELCOME.           

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