Amendment to definition of Specified Mutual Fund under section 50AA (Rationalisation and Simplification of taxation of Capital Gains)

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Full Text of the Document

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....taxation for Market Linked Debentures and Specified Mutual Funds by way of introduction of section 50AA of the Act. The gains in such cases were to be taxed as Short-term Capital Gain irrespective of period of holding. The requirement of investment of not more than 35% in equity shares has also impacted other funds which are not debt-oriented funds, but invest below 35% in equity shares. Such fund....