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Capital gains in respect of units of Mutual Funds under the Fixed Maturity Plans on extension of their term

Income Tax - 06/2015 - Dated:- 9-4-2015 - Circular No. 6 of 2015 F. No. 133/39/2014-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (TPL Division) Dated 9th April, 2015 Subject: As per the provisions of the Income-tax Act, 1961 (hereinafter referred to as the Act) prior to the amendment made by the Finance (No.2) Act, 2014, assets in the nature of shares, listed securities, units of mutual funds and zero coupon bonds qualified as long term capital .....

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ted fund) for their qualification as long term capital asset to more than thirty-six months. As a result, gains arising out of any investment in the units of FMPs made earlier and sold/redeemed after 10.07.2014 would be taxed as short-term capital gains if the unit was held for a period of thirty-six months or less. 2. FMPs are closed ended funds having a fixed maturity date wherein the duration of investment is decided upfront. The funds collected by FMPs are invested by the Asset Management Co .....

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e Board seeking clarification regarding applicability of tax on capital gains in the hands of the unit holder at the time of roll over of FMPs that are closed ended schemes. 3. In this matter the Securities and Exchange Board of India (SEBI) has informed that Regulation 33(4) of the SERI (Mutual Funds) Regulations, 1996 allows the rollover of close-ended schemes. Such regulation provides the following:- "(4) A close ended scheme shall be fully redeemed at the end of the maturity period: Pro .....

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