My wife is a nontaxable person. She has no other income than FD interest. In FY 2017-18, she has earned LTCG with indexation Rs 17465.00 for investment of Rs 2 Lakhs in SBI DAF Series v11 on maturity. Now to get refund of some tax deducted by bank (TDS), she has to file ITR in AY 2018-19.
My questions are : Is this LTCG nontaxable u/s 10(38) and in computing total taxable will this income be included in ITR-1?
(2) If ITR-1 is not applicable for her in which column of ITR-2 this LTCG is to be shown?
1 Answers
Hi,
SBI DAF Series VII is a Debt Oriented Hyrbid scheme. So, LTCG on Debt funds is a taxable income and does not come under Sec (10) 38.
Long Term Capital Gains arising on the sale of Shares and Equity Mutual Funds are exempted under Section 10(38).
Kindly note that LTCG on equity funds will now be taxable from FY 2018-19 onwards.
Related articles :
- Mutual Funds Capital Gains Taxation Rules FY 2018-19 (AY 2019-20) | Capital Gains Tax Rates Chart
- 10% LTCG Tax on sale of Stocks/Equity Mutual Funds | Budget 2018-19 Proposal
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