Can I withdraw amt from ELSS MF if Deduction not claimed?

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  1. amitprat

    amitprat New Member

    Dear Sir
    I have invested in Axis long term equity fund in nov13, I want to redeem the units. My queries.
    1. I have not taken advantage of tax soap provided under scheme. can I redeem before 3 years?
    2. What are the long term capital gain/ loss if I redeem through my demat account managed by my AMC ( in this case axis direct)
    3. What are the tax implications/ whether I would get indexation benefit? If I have capital loss , can I offset it with short term capital gain made by share trade.
  2. Karan Batra

    Karan Batra Well-Known Member

    1. No, you cannot withdraw from ELSS Mutual Fund even if you have not claimed the deduction. ELSS Mutual Fund come with a lock-in of 3 years and you cannot withdraw before 3 years
    2. Long Term Capital Gains arising from the sale of ELSS Mutual Funds is exempted from the levy of any Income Tax
    3. Indexation benefit would not be allowed in this case.
  3. Karan Batra

    Karan Batra Well-Known Member

    Moreover, Long Term Capital Loss on which STT has been paid is not allowed to be set off against Short Term Capital Gains
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