Dividend recieved

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VIGNESHWARI JAISANKAR (Querist)
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09 August 2018 One of my friend has received Rs.12,00,000/- as dividend from Mutual fund and another Rs.12,00,000/- dividend from Equity shares. What is the maximum deduction we can claim u/s 10 of the I.T.Act. Kindly clarify dividend received from Mutual funds are fully exempted?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 August 2018 10% tax payable on dividend exceeding 10 lacs on shares. 10% tax payable on dividend from mutual fund for which TDS will be deducted.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 August 2018 Mutual fund dividend - Rs. 12,00,000 - exempted u/s 10 (35)
Dividend from companies - Rs. 12,00,000 - exempted u/s 10 (34) is Rs. 10,00,000
Total exemption u/s 10 (34) & (35) - Rs. 22,00,000.

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 August 2018 Agreed with the above reply.

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