Where only a part of the net consideration is invested, then capital gains proportionate to the net consideration invested will be exempt.(not applicable for sale of long-term capital asset made after March 31, 2000).Capital gains arising from the transfer of a long-term capital asset (on or after October 1, 1996) shall be exempt from tax if the assessee invests within a period of six months after the date of transfer the capital gains in the fund for a period of 7 years.Exemption will be to the extent of long-term capital gains invested.With effect from June 1, 2001, open-end mutual funds with less than 50% allocation to equities (excluding Unit Scheme ’64) and closed-end funds would be required to pay a tax of 10% (tax @ 20% between June 1, 2000 to May 31, 2001) on the incomes distributed. Akhil Mittal as the new Fund Manager of the following schemes: Scheme Name Tata Income Fund Tata Income Plus Fund Tata Short Term Bond Fund Tata Dynamic Bond Fund Tata Gilt Securities Fund Tata Gilt Short Maturity Fund Tata Gilt Mid Term Fund In addition to the above schemes Mr. The Fund House also announced dividend under the dividend option of Tata Fixed Income Portfolio Scheme C3 Plan A-DH and Tata Fixed Income Portfolio Scheme C3 Reg-DH.
Where redemption of units is made during the minority of the child, tax will be levied on either of the parents, whose income is greater.When the child attains majority, such tax liability will be on the child.