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Vivek Lala |301 Answers |Ask -Follow

Tax, MF Expert - Answered on Jul 03, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Raj on Jul 02, 2023Hindi

Money

Hello Mr. Vivek Lala, I had redeemed my MF units of Tata MF in FY2022-23 after holding them for more than 10 years. Returns were positive. What is the tax implication for me? Which ITR should I file? Thanking you, Raj

Ans: No tax if the profit is less than 1L. The grandfathering effect will be as on 31st Jan 2018. The tax rate post the benefits is 10%. The ITR to be filed is ITR 2 assuming you are a salaried person.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Hi i am investing in MF from last 10 years through SIP Now i want to redeem my mutual fund shares for my personal need. The amount is almost 4lacs should i need to file income tax return after redemption as i never file income tax before. Please advise

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Sir, My daughter(Resident Indian, 44Yrs) is about to redeem her accumulated equity MF subscription. She may get 1.5 lakhs LTCG from that redemption. In addition, she has 1.0 lakh as interest income. No other income. Will she have to pay tax and if yes how much and also please tell which ITR form is to be used to file the reurns.

Ans: Under new tax regime, tax rate till 3 lacs of taxable income is NIL and person is not required to file return unless following conditions are fulfilled:

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Respected Sir, I invested in ICICI PRUD MF Rs. 40000 on 30-11-2005, and purchased NFO units (NAV=10, No. Of Units= 3911.980) after a gap of nearly 18 Years, in the month of August 2023, I made redemption request for all units for all units, and received Rs. 416799 with TDS deducted Rs. 6925. While Filing current IT RETURN, you are requested to guide me under which income head i have to show this said amount, and whether i have to pay tax liability on whole amount , any exemption therein. Regards

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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