Mutual Fund Redemptions Taxed as Capital Gains, Not Business Income, Regardless of Holding Period.

Redemption of units of mutual funds - capital gain or business income - the intention for purchase of mutual funds was only for the purpose of investment and held for benefits accruing thereon - Though the mutual funds are for a period less than 12 months, redemption of units of mutual funds is to be taxed as capital gains and not as business. .....

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