Zee Media Bureau
New Delhi: Finance Minister on Friday said that the government will not retrospectively tax debt fund investors.
He said that higher tax on debt mutual funds will apply prospectively from July 10.
The Finance minister said that new tax regime on debt mutual funds will not be applicable for units sold (not purchased) between April 1 and July 10.
Finance Minister Arun Jaitley in his budget proposals on July 10 had said that long-term capital gains tax on debt-MFs will go up to 20 percent from 10 percent. The move is part of government's effort to bring parity with banks and other debt instruments.
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