Friday, May 6, 2016

WEALTH TAX and GIFT TAX for Mutual Funds in 2016

 

WEALTH TAX & GIFT TAX FOR MF UNITS 

 

Wealth Tax

MF units are exempt

Gift Tax

MF units are exempt

Income Tax units provisions on clubbing for Gift of Units

Dividend Income

 


ST/LT Capital Gain/Loss

 

As dividend is tax free in hands of holders, hence no tax applicable on either Donee or Donor

If the transferee or donee is

  • Spouse, Son's wife or minor son: gain/loss clubbed with that of the donor of units
  • Other independent donee: gain/loss treated as donee's gain/loss and not clubbed with that of donor
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Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

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