Taxing ULIPs and Mutual Funds

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harikc_hyd asked 9 years ago

Should i add the gains, profit that i got from

Equity Mutual funds above one year and
ULIPS above five years .
i came to understand that EQUITY MFs and ULIPS are not taxed once they cross the lock-in periods

be added to my total annual income while doing my taxation, i come under 20% bracket. Please kindly give me your valuable inputs, guide me regarding this.

1 Answers

0 Vote Up Vote Down

Sreekanth Staff answered 9 years ago

Hi, Any Long term capital gains on Equity funds are tax free. If five policy year premiums have been paid then surrender value or maturity value of ULIPs is tax-free. You may disclose this income/gains under Exempt Income section of your income tax return. Kindly read : https://www.relakhs.com/mutual-funds-taxation-rules-capital-gains-tax-rates-on-mfs-fy-201516/ https://www.relakhs.com/new-itr-forms-ay-2017-18-fy-2016-17/