Period of holding in case of Consolidated Plan of Mutual Fund :
CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS |
SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. | BRIEF OF AMENDMENT |
3 | Period of holding in case of Consolidated Plan of Mutual Fund |
Sub Clause (hg) to clause 1 of Explanation 1 2(42A) |
New Insertion | 1/4/2018 | In case any units or unit of mutual fund plans got consolidated as per SEBI approval, then Transfer of Units from consolidating plan to Consolidated plan is exempt in hands of unit holder.
Now to streamline the provisions amendment is made into section 2(42A) to include period for which consolidating plans are held in period of holding of consolidated plan of mutual fund. e.g. a person is holding two mutual funds A & B and both funds get consolidated into X fund, in this case period of holding of A & B will also be considered. |