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BT Insight: How to save long-term capital gains on equity mutual funds
Every penny of reduction in tax outflow boosts your return. If your expected long-term capital gain is below Rs 1 lakh, your gains will be completely exempted and hence you would not need to go for any additional effort to save taxes
Naveen Kumar | January 14, 2021 | Updated 21:34 IST
While equity mutual funds continue to be one of the best ways to earn higher returns, lack of tax planning may erode your gains. Returns on equity mutual funds are no longer exempted from tax as they were in past. Long-term capital gain is chargeable to tax in the year in which mutual funds are sold by the investor. Long-term capital gain on sale of equity oriented mutual fund is chargeable to tax at 10 per cent from April 1, 2018, prior to that it was exempted from tax in the hands of investor. However, long-term capital gain up to Rs 1 lakh is exempt from tax, says Kapil Rana, Founder & Chairman, HostBooks.