Starting from financial year 2018-19 (Assessment year 2019-20) long term capital gains on equity funds are taxable. This is subject to (i) a grand-fathering clause which eliminates capital gains upto January 31, 2018; and (ii) a threshold of Rs 1 lakh per year.
This has significantly complicated tax filing for investors who have capital gains to report.
What you need:
- Statement of redemptions for FY 2018-19. This will list all your mutual fund redemptions, date of sale, date of purchase, price received, price paid
- ISIN of the fund
- Fair market value of the fund (NAV as on 31 Jan 2018)
Scripbox statement of capital gains includes all of this information.
You can download your capital gains statement for any year in excel or in PDF.
1. Login to your Scripbox account.
2. Go to: Account Statements and select Realized Capital Gains.
3. Download the statement in Excel or PDF as you need for any year from the time you started investing.
4. The statement will include
a. Long term capital gains - Equity
b. Short term capital gains - Equity
c. Long term capital gains - Non-Equity (debt funds and funds of funds)
d. Short term capital gains - Non-Equity
You will notice that the year selection includes the current financial year. This is to help you estimate and pay advance taxes.
Note: If you have family accounts, please change to the required investor before navigating to Account Statements.
ISIN & Fair Market Value
If you have investments outside Scripbox, you can also get ISIN and Fair Market Values for ALL mutual funds here.
Scripbox algorithms can reduce your capital gains taxes
Filing returns is all about reporting the gains you have earned, but, the real tax related benefit for our investors starts much before tax filing. This happens at the time of withdrawing, when our algorithms optimise the sequence of withdrawal to ensure minimum tax.