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Friday, June 24, 2016

MF Exit Load in Filing ITR

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 The exit load is a penalty levied by a mutual fund scheme for redeeming the investments before a stipulated period. You cannot treat it as a loss and deduct the amount from your gains once again while filing your ITR. The money you receive from the fund house (redemption proceeds) has already deducted the exit load.
 
When you calculate your capital gains tax on this amount, you have already factored in the exit load. You cannot deduct the exit load once again from your gains while filing Income Tax Returns. Also, your calculation is wrong. The exit load of 1 per cent on your gain ofR10,000 is R100, not R1,000 as you have calculated.
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