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Samkit Maniar |180 Answers |Ask -Follow

Tax Expert - Answered on May 26, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more

Question by R on May 21, 2024Hindi

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Mr Vivek Lala , what is the tax liability on redemption of ELSS MFs after 3 years sir?

Ans: It is taxed at 10 % as long term capital gains if your long term capital gains is in excess of INR 100000 for that year. Please note every SIP will need to complete 3 years in an ELSS, only then it will be considered as long term

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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I recently retired.. and received Approx. Rs, 17 lacs from Provident Fund. What is my Tax Liability ?

Ans: You have not given out what PF are you referring to.
However, in general, any maturity amount of PPF and any Govt PF is tax free.
As far as EPFO is concerned, any withdrawal after five years of continuous service is tax-free.

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Question by Chandran - Nov 06, 2023Hindi

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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:

- Deposit > 1 Cr in Current A/c
- Expense > 2 L for Foreign Travel
- Expense > 1 L for Electricity
- TDS/ TCS > 25K (50K senior citizen)
- Deposit > 50 L in Saving A/c

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Question by MOHAN - Nov 18, 2023Hindi

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I am retired and have some investments in mutual fund. If I redeem funds for Rs 3 lacs, how much tax i have to pay and what is the basis of calculation. Thanks

Ans: Tax on redemption of mutual fund depends on holding period and type of scheme. Equity and debt scheme have different tax rate.

Short term gain from equity based schemes will be taxed @15%
Long term gain from equity based schemes will be taxed @10% above 1 lakh
Short term gain from debt based schemes will be taxed slab rate
Long term gain from debt based schemes will be taxed @20%

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Question by Chandran - Dec 06, 2023Hindi

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Sir please tell the tax treatment for a 40 year old resident individual whose only income is Rs.4.0 lakhs LTCG from MFs redemption.

Ans: Tax treatment will depend on type of MF i.e. equity or debt scheme of MF. In case of LTCG from equity based MFs, tax will be Rs.5200 as per Sec 112A and in case LTCG from debt based scheme, tax will be Rs.18200 as per Sec 112.

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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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