Dear IFA Galaxy Members
Please see the following email from Mr. Babu, of KAMFA, Bangalore.
We welcome your comments on the article written by Value Research.
Do you think Value Research is correct????????
http://www.
We are surprised to see that Value research had removed this from the website if you click the link above you can note that. So here is the Screen short for you to read
We are surprised to see that Value research had removed this from the website if you click the link above you can note that. So here is the Screen short for you to read
"If you had not invested in the tax planning funds to save tax, the three-year lock-in does not apply which is mandatory for only those seeking tax deductions by investing in these funds. You can redeem your investments in these two funds whenever you wish. As both these funds are like any other equity fund, you will not be faced with paying capital gains tax on your gains when you redeem as you have already been in these funds for over one year"
As per my views they are wrong (Even Value Research can make mistakes).
We request you to send your feed back to feedback@
K. Ramesh Bhat,
13 comments:
regarding this we have take certifcated INCOME TAX department and we can make redemption attching the redepation form
SHIVA PRASAD KONDURU
ARN-47847
INDEPENDENT FINANCIAL ADVISOR
MOBILE NOs: 09849843270, 09030583337
email: shiva_konduru@yahoo.com, shivaprasad.konduru@gmail.com
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Of course Value Research is wrong.
Otherwise, everyone will start using this option at their convenience.
That is, if the market has boomed and the fund has given great returns, then the investor will redeem before 3 years and then say that he DID not invest for the sake of Tax Saving purposes....
Regards,
Srikanth Matrubai
Dear Friends
According to my knowledge, Yes it is possible, provided a letter from Income Tax Department stating that the person did not used it for section 80C benefit and he is free from lock in of 3 years, the redemption request can be sent alongwith the letter from IT department to the Fund House for REDEMPTION. Otherwise there is a lock in for 3 years.
Hope I am right otherwise pl let me know the correct answer from the Tax Expert.
S. GOVINDARAJAN
ARN-1782
CELL : 9840175522
PHONE : 044 - 42115178
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I really agree with the point. ELSS fund are with lock in period from ab initio, eventhough the investor may not have invested for tax saving point.
It is very simple. In ELSS category. One can not redeem investment before expiry of 3 year from the date of investment.
Nayan Shah
ARN 70533
Dear Sir,
Actually we are going by AMC views. As per all AMCs funds invested in specific funds every one has to abide by that. When you are investing in Tax Saving funds specificaly it is meant for tax saving purpose only. Whether you avail tax benefit or not , that is different issue and it compulsorily locked in for another three years.So far I am giving tax saving products like that only. Of course it is news to me. Let us wait for some time .In my opinion the right person to clarify is AMC friends.
Muralidharan.G
98402 11485
ARN:12558
i think Valueresearch has plainly answered the question. no issues as far as am concerned.
Venkat Spices
Trivandrum
Manish Chamaria to ifagalaxy
show details 11:01 AM (9 hours ago)
I think one cannot withdrew their funds from the Tax saving Fund befor 3 years.
To Clerify: One of my Investor has invested in SBI Tax Saver and he deposited the Redemption slip directly 2 time but the fund house doesnot redem the funds the investor than contacted me and ask to help. After calling to Fund House I come to know that the investment was in march 2010 and he cannot redem the same befor 3 years
Dear sir,
Value research has been giving contrasting views on redeeming ELSS before lock-in.I have sent two clippings from 2009 issue.
e balakrishnan
IFA
ARN-4907
9884014148
Forwarded conversation
Subject: A page from Value Research Online
------------------------
From:
Date: Tue, Jun 28, 2011 at 8:33 AM
To: balki51@gmail.com
valueresearchonline.com/story/storyview.asp?str=101016
elss"balki51@gmail.com"
i would suggest that you check the fine print of an application form for any elss scheme. that should throw some light on this.
Dear friends,
Yes Value Research has also misguided the Investors hence Dhirendra Kumar must apologize in his website he must also resign all the post given by SEBI, as moral code of conduct.
Regards,
Alagappan
9841055577
Sent from my BlackBerry® smartphone
Rajiv Anand, MD of Axis MF, replied via twitter on this that there is no provision in the offer doc to redeem units before 3 years whether IT deduction was availed or not. He also mentioned that courts have upheld that ELSS units can not be redeemed before 3 years.
According to my knowledge, Yes it is possible, provided a letter from Income Tax Department stating that the person did not used it for section 80C benefit and he is free from lock in of 3 years, the redemption request can be sent alongwith the letter from IT department to the Fund House for REDEMPTION. Otherwise there is a lock in for 3 years.
K. SRIRAM
Sivasri premier
ARN 19262
yes it can possible provided client has to submit declration that he has not invested for tax purpose and he has not shown to income tax calculation.
chandrashekhar kulkarni
ARN-15259, Nashik
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