Hello , I have made a profit of rs 45,000 on my ELSS mutual funds. I have read lot of articles on Interrnet and found that there is no tax on returns from ELSS mutual funds . But my accountant is saying that I will have to add this profit in my total income of financial year and pay the "normal" income tax on it. Can anyone please guide which is the correct method.
I have also invested in Equity Mutual Funds 2 years ago and want to redeem them now . Since, there is no long term capital gain tax on Equity mututal funds . Do I have to add profit from these mututal funds to my total income and pay income tax on it.
CAclubindia
