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Tax Exemption on Short-Term Capital Gains

Question: Hi, I have invested in mutual funds for 3 months. Then I got my money back. With this can I get any tax exemption. Or do I need to invest for whole financial year. Kindly provide the details.

                 

Answer: Dear Mr Ramesh, gains arising from investment in equity mutual funds (including ELSS), for a period of less than 12 months is considered as short-term capital gains. The amount of gains needs to be included in your taxable income while filing your return of income.
In order to get tax deduction for investment in ELSS schemes, you need to stay invested in the scheme for minimum 3 years period. Kindly click here to know more about ELSS mutual fund schemes.

                     

Warm Regards,

TaxYogi

Published Dec 15 2010




Comments

Comments

 

danny said:

i had purchased a flat in the year 2007 (cost Rs.15 lacs)  & sold it in 2010 (Rs.29 lacs) & with that amount i again purchased a flat in the same year 2010 (Rs.31 lacs) & the same i would like to sell now after 1 year ie , 2011 (Rs.37 lacs) , what will be my implication on capital gain tax? how can i get the exemption on short term capital gain tax?

September 20, 2011 6:42 AM
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