Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now

You can switch off notifications anytime using browser settings.
Stock Analysis, IPO, Mutual Funds, Bonds & More

How will my ELSS mutual fund returns be taxed?

If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.

ET Online|
Sep 05, 2019, 03.41 PM IST
Getty Images
income group
While redeeming my ELSS investments, how will my return be taxed? How will they know my salary, CTC? I am redeeming my investments through an app.
-Yuvaraj Vaaji

Equity Linked Saving Scheme or ELSS are taxed like any other equity mutual fund scheme. Equity investments held over a year qualify for long-term capital gains tax of 10 per cent on gains of over Rs 1 lakh in a financial year. Even the proceeds from ELSS would be taxed similarly. The fund house does not deduct any tax. You will have to calculate the capital gains tax and make the payment. Read: Best ELSS funds to invest in 2019
(If you have any mutual fund queries, message us on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.)

Also Read

Am I investing in the right ELSS mutual funds?

Should I continue with my ELSS mutual funds?

Will these ELSS mutual funds help me to create wealth?

Can I invest in ELSS mutual funds to create a corpus of Rs 1 crore?

Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links

Follow us on

Download et app

Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service