How is LTCG tax exemption applicable in case of multiple mutual funds?
Dhirendra Kumar talks about the applicability of Rs 1 lakh exemption on long-term capital gains tax on equity
By Research Desk | Nov 9, 2018
I have equity funds of 3 to 4 AMCs. I want to know if the exemption limit of Rs 1 lakh from long-term capital gains tax is applicable to them individually or collectively?
No. The exemption limit of Rs 1 lakh is applicable collectively on the realised long-term capital gains from equity mutual funds and equity shares. Long-term capital gains tax on equity is applicable at 10 per cent on the amount exceeding Rs 1 lakh in a financial year.