Pulkit (Student) (36 Points)
10 July 2013
Hello friends,
During the filing of ITR of one of our clients, i am facing the folllowing problem:-
He had invested Rs. 10,000 in an Equity oriented MF 5 years ago.
Now during the PY 12-13, he received Rs. 12,000 on maturity.
How should we show this in his ITR?
Is Rs. 2000 his income from other sources during the PY or we should show it as Income under the head Capital Gains?
Or is there some other tax treatment?
Deepak Gupta
(CA Student)
(15922 Points)
Replied 10 July 2013
| Originally posted by : Pulkit | ||
 |
Hello friends, During the filing of ITR of one of our clients, i am facing the folllowing problem:- He had invested Rs. 10,000 in an Equity oriented MF 5 years ago. Now during the PY 12-13, he received Rs. 12,000 on maturity. How should we show this in his ITR? Is Rs. 2000 his income from other sources during the PY or we should show it as Income under the head Capital Gains? Or is there some other tax treatment? |
 |
1) Long Term Capital Gain as units held for more than 12 months.
2) Capital Gain Taxation = NIL (since equity oriented scheme)
Pulkit
(Student)
(36 Points)
Replied 13 July 2013
| Originally posted by : |)eep @ k Gupt/\ | ||
|
|
Originally posted by : Pulkit Hello friends, During the filing of ITR of one of our clients, i am facing the folllowing problem:- He had invested Rs. 10,000 in an Equity oriented MF 5 years ago. Now during the PY 12-13, he received Rs. 12,000 on maturity. How should we show this in his ITR? Is Rs. 2000 his income from other sources during the PY or we should show it as Income under the head Capital Gains? Or is there some other tax treatment? 1) Long Term Capital Gain as units held for more than 12 months. 2) Capital Gain Taxation = NIL (since equity oriented scheme) |
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But that applies if STT is paid on sale of MF.
In this case, MF has matured and therefore no STT paid.
Will Sec- 10(38) apply in this case?
Amber Jain
(Article Assistant)
(206 Points)
Replied 13 July 2013
Hello Pulkit,
Is STT is not paid on sale of Mutual Fund then exemption u/s 10(38) cannot be availed and Rs 2000 will be taxable as Income under the head Long Term Capital Gain.
Thanks & regards
Amber Jain
vishal
(Chartered Accountant)
(67 Points)
Replied 13 July 2013
dear section 10(23D) is applicale if it is a mutual fund, section 10(38) applies on Equity share & equity oriented fund set up under a scheme of mutual fund referred in section 10(23D).
Raj Kanwar
(MBA)
(111 Points)
Replied 30 January 2014
Those gain will exempt for sure. If you are still unclear then I would suggest speaking to a mutual fund adviser to get the best from mutual funds in India
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