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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 .....

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assets if held for a period of more than twelve months as against the holding period of more than thirty-six months in case of other assets. Accordingly, units of a mutual fund under the Fixed Maturity Plans (FMPs) held for a period of more than twel .....

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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 ga .....

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mpanies (AMCs) in securities having similar maturity period. To enable the FMPs to qualify as a long-term capital asset, some AMCs administering mutual funds have offered extension of the duration of the FMPs to a date beyond thirty-six months from t .....

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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 info .....

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vided that a close-ended scheme may be allowed to be rolled over if the purpose, period and other terms of the roll over and all other material details of the scheme including the likely composition of assets immediately before the roll over, the net .....

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n writing and the unitholders who do not opt for the roll over or have not given Written consent shall be allowed to redeem their holdings in full at net asset value based price." SEBI has clarified that in case of roll over in accordance with t .....

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ransfer' under clause (47) of section 2 of the Act. The roll over in accordance with the aforesaid regulation will not amount to transfer as the scheme remains the same. Accordingly, it is hereby clarified that no capital gains will arise at the .....

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