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of <h1>Taxation Update: No Capital Gains Tax on Mutual Fund FMP Rollovers; Tax Applies Only on Redemption or Opting Out.</h1> The circular issued by the Central Board of Direct Taxes addresses the taxation of capital gains from units of Mutual Funds under Fixed Maturity Plans (FMPs) following the extension of their term. The Finance (No.2) Act, 2014 amended the holding period for FMPs to qualify as long-term capital assets from over twelve months to over thirty-six months. Asset Management Companies can offer an extension of FMPs to meet this requirement. The Securities and Exchange Board of India clarified that such rollovers do not constitute a transfer, and thus no capital gains tax arises at the time of rollover, but only upon redemption or opting out.
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