Elss capital gain tax
WebThough investment in ELSS funds qualifies for tax deduction under Section 80C of the Income Tax Act, 1961, the returns are taxable. Since these funds majorly invest in equities, they are treated as equity mutual funds for the purpose of taxation. Also, since they have a lock-in of 3 years, the short-term capital gains are not applicable to them. WebApr 10, 2024 · Long term capital gain tax will be applicable when you sell your investments after 3 years. Current tax rate is 10%, if your total long term capital gain exceeds 1 lakh …
Elss capital gain tax
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WebJun 25, 2024 · An Equity Linked Savings Scheme (ELSS) is an open-ended Equity Mutual Fund which gives following advantage-. Opportunity to grow your money. Qualifies for tax exemptions under section u/s. 80C of the Indian Income Tax Act. Long-term capital gains from these funds are tax free in your hands. However as per Finance Act 2024 LTCG on … WebJan 12, 2024 · Amount Subjected to Tax. 50,000. Amount of Tax as per 10%. 5,000. The calculation may look tricky for an average investor. Here are some quick and easy points …
WebIt is a ELSS (Tax Savings) mutual fund scheme that predominantly invests in ELSS (Tax Savings) stocks of companies. Launched on Dec 2024, Samco ELSS Tax Saver Fund Growth is ELSS (Tax Savings) fund of its category with 37.42 Cr fund under management as on Apr 2024. The expense ratio of this fund is less than that of most other Fund … WebApr 4, 2024 · You will no longer enjoy the long-term capital gains (LTCG) tax benefits and indexation benefits on debt mutual funds. 31 Mar, 2024, 06:13 PM IST. Ten Income Tax …
WebSep 13, 2024 · Capital Gains Tax Rules for Debt Mutual Funds Short-Term Capital Gains Tax. Any gains realized from Debt Mutual Funds are treated as short term capital gain if the investment is sold within 36 months (3 years). These gains are added to your income and the tax on Mutual Fund returns depends on the income tax slab you fall in. WebJan 5, 2024 · However, you can remove this Rs. 15,000 from the Rs. 1.5 lakh gain for tax calculation. So your effective LTCG will be Rs 1.5 lakh – Rs. 15,000 = Rs. 1,35,000, and you will pay tax only on Rs. 35,000 as against Rs. 50,000 you would have paid otherwise. This is how tax-loss harvesting acts as a critical strategy to save tax for many investors.
Web13 hours ago · Old vs new tax regime: Have you opted for the new income tax regime for financial year 2024-24? ... life insurance, medical insurance or investment in mutual funds and ELSS, investing wisely for ...
Web9 hours ago · When it comes to ELSS, investments are tax exempt up to Rs. 1.5 Lakh per financial year, however, depending on the period of investment, investors are liable to … greater worcester community foundation logingreater worcester community foundation logoWebFeb 24, 2024 · Capital gains; The profits made through ELSS investment are referred to as capital gains. These are subjected to long-term capital gains (LTCG) and short-term capital gains (STCG) tax. Note that you need to pay a 10% LTCG tax, if the gains made in a year is above Rs. 1 lakh. On the other hand, if you need to pay an STCG of 15% if you … flip cocktailWebApr 13, 2024 · 6. Long-term capital gains on property: So far, in the case of long-term capital gains on the sale of a house/ residential property, the tax was exempted if the money was invested in a new residential property. However, the new Budget announces a cap of INR 10 crores for this exemption. flip coffee makerWebHere is a list of a few basic exemptions concerning long-term capital gains for the year 2024-2024 –. Resident individuals who are below 60 years with an annual income of Rs. 2.5 Lakh. Resident individuals who are 60 years or above with an annual income of Rs. 3 Lakh. flip clothes for moneyWebApr 13, 2024 · The short-term capital gain tax rate for shares other than Section 111A is at the standard tax rate. For individuals, it is per the income tax slab rate of the individual. Short-term capital gain is not tax-free. Taxpayers with the lowest income will be liable to … greater worcester foundation scholarshipWebOct 20, 2024 · What makes ELSS different from other equity mutual fund schemes is that investment upto ₹1.5 lakh in ELSS is eligible for deduction from taxable income in a … flip coffee pot