I have a query regarding long term capital gain tax, I have invested in 3MF equity fund for long term. If i have profit of more than Rs 1 lakh in long term then how will tax be calculated on that because my question about that is, as per IT rules, if you have profit of more than Rs 1 lakh in a financial year If you get it, then you have to pay 10% capital tax, but I am not getting this capital gain in one financial year... because I have many more years invested.
10 February 2023
So, the capital gains will arise only in the year of redemption of these units. If you redeem all these in one single financial year, the tax liability of all these 3 MF schemes will arise in same (SINGLE) year even if bought in different financial years. Vice versa, if you redeem in different FYs, you get benefit of 1 lakh exemption in each financial year!!
CAclubindia
