Learn about ELSS Mutual Funds, a tax-saving investment option in India. Understand how ELSS funds work and their benefits for long-term wealth creation.
If your total capital gain in the financial year of withdrawal exceeds Rs 1 lakh, the long-term capital gains (LTCG) from ELSS mutual funds will be taxed at only 10%. If your total profit in a financial year is less than Rs. 1 lakh, you don’t have to pay any long-term capital ...
How much do investments get taxed? Long-term capital gains tax is a tax on profits from the sale of an asset held for longer than a year. Long-term capital gains tax rates are0%, 15% or 20%depending on your taxable income and filing status. Long-term capital gains tax rates are usu...
ELSS are mutual fund schemes that invest at least 80% of their net assets in equities. If you’re looking for mutual fund tax benefits, this is the scheme you want. Money invested in an ELSS is deductible up to ₹1.5 lakh u/s 80C of the Income Tax Act, 1961. Notice that section...
So for example, if you invest Rs 5.0 lac in an equity fund on 15th August 2017 and after 2 years, when you sell, the value you get is Rs 6.5 lac – then the capital gains is Rs 1.5 lac. Now how much is this capital gains taxed depends on the type of mutual fund and the holdi...
You earn capital gains, which is taxable, upon redeeming the units of your index fund investment. The rate of taxation depends on your holding period, i.e. how long you stay invested. Short-term capital gains ...
Such gains are taxed at a flat rate of 20% after indexation. Important Terms Related to Mutual Funds You Should Know: NAV (Net asset value): NAV is the price of a single mutual fund unit. It also acts as an indicator of the performance of the fund over a period of time. AUM (...
Investments in PPF, NSC, ELSS, life insurance premiums, home loan principal repayment etc are some under common deductions under 80C. Interest on housing loan is deduction under Section 24. Other deductions include medical insurance premium (section 80D), interest on education loan (section 80E),...
Switching from regular to direct scheme isTaxable event: Regular plan to direct plan switching is a taxable event. So, you should wait for at least one year after making the investment before making the switch. Short term capital gain (<1 year) is taxed at 15% and Long term capital gain...
1. Yes. However, you may not be taxed twice due to Double Tax Avoidance Agreement between India and USA and would be able to claim the credit for tax paid in India. 2. There is a foreign tax credit form to calculate the amount of tax credit. ...