Query Regarding Mutual Funds - ELSS Units

This query is : Resolved

Krishh (Querist)
Follow

08 June 2010 Question : 1 - Is it possible to get my ELSS units redeemed before lock in period of 3 years. If yes, what are the charges involved in that ?

Question : 2 - What are the tax consequencies involved in it ?

Question : 3 - Is it possible to switch my ELSS units from one scheme to another of the same AMC, without redeeming them ? If yes, what are the tax consequecies involved in that ?

THANKS IN ADVANCE

CA. Anoop Gadia

CA. Anoop Gadia (Expert)
Follow

15 July 2010 1. yes you can redeemed

2. previous tax exemption is reserved in this case and the income clubbed in redemption year.

3. yes you can switch but exemption is withdrawn and tax as Point is applicable.