I had taken personal loan of 5 lakh from bank and invested in equity mutual fund do i need to pay any tax on this ,i plan to remain invest in it for long term above one year whether the income from these would be treated as capital gain or business income since i have taken a loan
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1. No tax liability for the loan and also investment.
2. The profits in the equity MF investment over and above 12 months is treated as long term capital gain; and is completely taxfree.
AGREE WITH SH. RAMBHIA SIR
LTCG OF EQUITY MF IS TAX FREE UNDER SECTION 10
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