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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
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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.)

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