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Income Tax on Long Term Capital Gains on redemption of Equity mutual funds.

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(Querist)
26 June 2024 Sir, My wife is under zero tax bracket(earns Rs.2.7 lakh per annum) and if she redeems equity mutual funds invested for more than a year and profits crossing 1 lakh, TDS of 10% is deducted. Query is as she is in Zero tax bracket, can she get the deducted TDS refunded on filing IT returns.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
26 June 2024 1. TDS is not deducted.
2. Even if deducted the amount is refundable, by filing relevant ITR.
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venkatesh

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venkatesh (Querist)
27 June 2024 Sir, TDS is automatically deducted @10% when profit crosses 1 lakh isnt it?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
27 June 2024 No. For Resident Indians, TDS doesn't get deducted in Equity based MF units

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