Redemption of MF is taxable or not. If not taxable under which section it is not taxable
1 Replies
C.A. Jignesh N. Mehta
(C.A.)
(1030 Points)
Replied 02 July 2013
There are few condition for gain on redemption of units of MF to be exempt u/s 10(38)
1. The units should be held for 12 months or more - Long Term
2. The units should be equity oriented units - 65% equity
3. STT should be paid on the units when sold / purchased
4. The gain is however taxable u/s 115JB as book profits - in case of companies
5. MF should be specified under clause 23D
If all of above conditions are satisfied only the it is exempt, else taxable.
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