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Q. > Please Help: Mutual Fund Taxation
Will Reliance Liquid Fund-Treasury plan-Growth Option-Mutual Fund launched in 2003 be a Equity Oriented Fund??? If there is a long term capital gain against sale of these units, then will that be exempt u/s sec 10 (38) of IT Act?
1 Answers
answered Jan 26, 2012 by lavina bajaj , Mumbai
coz its equity growth plan thats why it shall be traeted as equity oriented plan. thus on its sale it would be long term capital asset. but it woukld not be exempt under section 10(38) coz jo equity fund or share market me trade hote h un par hi stt paid hota hai and exemption under section 10(38) is available only if stt is being paid..
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