hi this is in addition to my above query... my dp gives me yearly transaction list only, now calculating the gains or loss outta that is a gigantic task. Any suggestion to do it optimally or any tool like excel sheets ?
I wanted to know if there are any taxes on the mutual fund capital gain and also on the dividends? e.g. If I purchased a MF for RS 10000 and say after three years I sell the units at 11000, will the capital gain of 1000 taxable?
Thats same old question-
1. Stock (investors) & MF with >65% equity exposure->
STCG TAX(1 day to 364 days) 10%, LTCG TAX(365 days or more-NIL
2. MF with <65% equity exposure-> STCG TAX: as per slab rate
LTCG TAX: 10% without indexation or 20% with indexation
I've SBIMTGS '93 scheme and Birla equity plan also but almost 40% times I felt that they were laggards among ELSS MFs but this year I invested in DSPML Tax saver just to save entry load coz I had to switch from DSPML Tech.Com MF coz of $ depriciation but it turned out better than previous ELSSs. Now I will invest all 80C limit in this ELSS. I've RIL, LNT, NTPC, BHEL, POWERGRID etc. Total 13 large caps. So I am free to invest in small n mid caps and you have to be well diversified and long term specially for small n midcaps. So what could be better than such an ELSS. Principal tax saver @ Principal personal tax saver are in my watchlist.
One thing more as age increase one should shift towards large cap ELSS like HDFC tax saver.
As far as SBI MF schemes are concerned they are no more in toppers since when Sabharwal left SBI in dec 2006 and joined JM Mutual Funds (JM BASIC).
As far as tauraus ELSS is concerned just see its portfolio. 27% in reliance capital and 61% in only 5 stocks. This shows poor diversification. Also look at 3yr, 5yr & since launch return you will see huge fluctuation in returns.
What is the best instrument to invest for the future needs of your 3yrs old kid?
The cash gifts he collects at various family functions adds to my income as far as tax view-point is concerned. Can a separate parallel mechanism be maintained so as to unload my own tax burden at the hands of child's cash gifts? plz guide!
Yes, my sons are also 3.5 yrs old. I am having 80% equity exposure and will reduce it 5% every year. I've surrendered LIC policies. I HATE INSURANCE & ULIP AGENTS JUST LIKE A DRACULA. In my view you can invest in ICICI / PRINCIPAL child benefit mutual funds for them. There should be NO tax liability if MFs will be redeemed when children attain 18 yrs of age. LTCG in Equity MFs>65% in equity are always tax free. ALWAYS GO FOR TERM INSURANCE.