I have sold one of my mutual fund investments and have made a short term capital gains of approximately Rs 1,200. I come under income tax slab of 10%. Please let me know if I need to report the same to income tax during my filing of returns and what is the capital gains tax for the same?
- D Venkata Rajeev
As per the income tax laws, you will have to disclose the short-term capital gains that you have made at the time of filing your tax returns. The short-term capital gains tax rate will depend on the kind of fund that you have sold—equity or debt. For instance, equity funds attract a 15% short-term capital gains tax rate excluding surcharge and cess. In case of debt funds, the short-term capital gains are added to your income and taxed according to the tax slab you fall under.
This article was originally published on November 17, 2010.
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
