9911796707
TMI BlogCapital gains in respect of units of Mutual Funds under the Fixed Maturity Plans on extension of their termX X X X Extracts X X X X X X X X Extracts X X X X ..... nds under the Fixed Maturity Plans on extension of their term As per the provisions of the Income-tax Act, 1961 (hereinafter referred to as the Act) prior to the amendment made by the Finance (No.2) Act, 2014, assets in the nature of shares, listed securities, units of mutual funds and zero coupon bonds qualified as long term capital assets if held for a period of more than twelve months as again ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d maturity date wherein the duration of investment is decided upfront. The funds collected by FMPs are invested by the Asset Management Companies (AMCs) in securities having similar maturity period. To enable the FMPs to qualify as a long-term capital asset, some AMCs administering mutual funds have offered extension of the duration of the FMPs to a date beyond thirty-six months from the date of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... over if the purpose, period and other terms of the roll over and all other material details of the scheme including the likely composition of assets immediately before the roll over, the net assets and net asset value of the scheme, are disclosed to the unitholders and a copy of the same has been filed with the Board: Provided further that such roll over will be permitted only in the case of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of exercise of the option by the investor to continue in the same scheme. The capital gains will, however, arise at the time of redemption of the units or opting out of the scheme, as the case may be. (Gaurav Kanaujia) Director to the Government of India Copy to:- 1. PS to FM/ OSD to FM/ OSD to MoS(R). 2. PS to Secretary (Revenue). 3. The Chairperson, Members and all other officers in CBDT ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
