Sir / Mam, I am Rajiv from Delhi I have invested in a discretionary PMS after 3 year I have received the audited Balance Sheet & Profit & Loss Account in which there is nett profit of Rs. 403169 shown ( Dividend from Equity 19369 + short term gain from mutual fund 9949 + gain long term from equity shares 430811 + gain short term equity shares 46696 = 506825 - audit fee 1770 - custodian fee 2285 - fund accountant fee 760 - Management fee [deleted] STT = 103656 ) Secondly I have a ICICI Life stage pension Plan which I bought in Jan. 2010 (Total premium Paid 900000) and surrendered in Dec. 2017 ( Surrender value 1385000) Now in this situation how to show / what will the computation in this case income in my ITR.
Hi,
Profit from PMS is taxable as capital gain.
Dividend from equity shares are exempt. Long term capital gain from shares and MF are exempt from capital gain tax.
Short term capital gain from equity shares and MF are taxable @15%.
We will have to see the policy documents to conclusively answer on this. Most probably, it will taxes as other income. Have you claimed any deduction for the premium in earlier years?
-Dividend from equity will be exempt (if from Indian domestic company).
- STCG from mutual fund will be taxable
- LTCG from equity shares will be exempt
- STCG from equity shares will be taxable
- Have you surrendered the pension plan?
Dividend from equity shares and LTCG from sale of shares are exempted from tax.
STCG from sale of shares and mutual funds are taxable .
Hi,
Please find below the tax treatment of the various receipts:
1. Dividend from equity shares is exempt
2. Short term gain on mutual funds and equitt are taxable.
3. Long term gain from equity shares and mutual funds is exempt.
4. Pension plan will be taxable.
Regards,
Nikhil
Hi
1. The receipts from PMS shall be taxable accordin to the nature of incomes:
- Dividend exempt
- STCG taxable
- LTCG on shares exempt
For surrender of pension plan before maturity, it would be taxable. It becomes exempt only when the commuted pension is received on maturity of the fund.
