Tax on Long Term Capital Gains

This query is : Resolved

Abhishek Roy Choudhury (Querist)
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14 December 2020 Dear Sir,
An Assessee has Long Term Capital Gains on Sales of Mutual Funds of Rs. 1.70 Lacs. Whether there is exemption of Rs. 1.00 Lac on Sales of Mutual Funds and he has to pay Tax on the balance amount i.e. Rs. 70,000.00. Please suggest.

Thanks,
Abhishek.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 December 2020 Yes, upto 1 lac exempt.
Long term capital gains accrued from selling equity shares and equity-oriented mutual funds are exempt from tax up to Rs 1 lakh in a financial year. The gains in excess of Rs 1 lakh are taxed at flat 10%.