POSTED BY March 22, 2012 10:39 am COMMENTS (9)ON
Are dividends from Tax Gain Schemes that are reinvested also subject to lock in?
I had invested in SBI Magnum Tax Gain Scheme (D) and my last SIP was in 25-Apr-2008. Now for whatever reason I wanted to redeem this and to my shock, the redemption request was not fully processed saying that there are some units that are locked in.
Looking at my account statement I see that dividends have been given in 2009 for this scheme. Now my question is are these dividends subject to lock in? That seems very silly to me because I’m not getting any tax benefit from the dividends that are reinvested
Can experts help here? Or should I call the AMC and tell them that the units should all be redeemable?
Thanks in advance