POSTED BY July 16, 2011 10:51 pm COMMENTS (2)ON
I redeemed around 1000 units of SBI Magnum Tax gain(D) scheme in the month of Mar2011, after the minimum lock-in period of 3 years as per First-in First-out approach. Actually I made loss out of it. The average purchase NAV is Rs. 54.75, sale NAV is Rs. 38.72. I got a total dividends of Rs. 21425/- till date, out of this total dividend amount a sum of Rs.3320/- is the dividend received in the FY2010-11.
my doubts are,
1. How to calculate the Long term capital gains for any mutual fund dividend scheme? (do we have consider the dividends received also along with the sale & purchase NAVs?)
2. As I know, there is no LTCG on equities & MFs if date of sale is longer than one year from purchase. then whether LTCG is profit or loss, will it not make any difference in paying/saving income tax??
3. Shall I have to show this redemption amount in the tax return ITR-2 (Schedule-Exempt Income EI)?
Please clarify my queries…