26 July 2022
Proceeds from sale of ELSS (popularly known as Tax Free Mutual Funds) are not exempt from taxation and any such proceeds will be taxed once capital gains exceed the limit of 100000 rupees as provided u/s.112A of the Act. In your case total gain from sale of the funds is 52000 and therefore exempt. However, do check-up if you sold any other mutual funds/ equities in concerned financial year, in which case the limit of 100000 has to be seen considering the total gains from sale of different mutual funds or equities.
Author: Advocate Ravish Bhatt Gmail: ravishdbhatt@gmail.com Link to Linkedln Profile: https://bit.ly/3IDGfsU