Is long-term capital gains tax waved off only in the case of Equity Linked Savings Scheme (ELSS) or for all other equity mutual funds? Also, if there is no tax to be levied on long term capital gains, do we have to show it as income in the IT returns?
- Abhijeet Chauhan
Long-term capital gains tax is nil for all equity mutual funds schemes. The investor has to hold his equity investments for more than 12 months to qualify for long-term capital gains tax. If investments are sold before a year, short-term capital gains are taxed at 15 per cent.
You have to fill ITR-2 form to file Income Tax returns and show your long-term capital gains.
This article was originally published on January 08, 2016.
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.
