Debt MFs may get tax relief...
Financial Express Ahmedabad|January 06, 2025
Debt mutual funds (MFs) in India may soon receive tax relief, as the government considers amending the Finance Act to provide tax benefits for long-term investments.

SEPARATELY, THE INDUSTRY has sought alignment in holding periods while calculating LTCG for gold-based investments such as gold exchange traded funds (ETFs), gold mutual funds, sovereign gold bonds, and physical gold. Currently, gold MF and physical gold classify under LTCG on a holding period of over 24 months, and the rest on a holding period of more than 12 months.

Since April 1, 2023, capital gains on debt MFs are taxed at the investor's income tax (I-T) slab rate, irrespective of the holding period, which has resulted in increased tax liabilities for debt MF investors. Previously, LTCG on debt MF were taxed at 20% with indexation benefit or 10% sans indexation, and short-term capital gains (STCG) (holding period up to three years) were taxed at I-T slab rates. Debt funds are defined as those with 35% or less of their assets under management in domestic equities.

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