Mutual Funds industry unhappy with partial relief

Mumbai: The MF industry is not too happy with the partial relief granted by the government on its recent budget proposal to increase the long-term capital gains tax on debt schemes offered by fund houses. On Friday, the Union FM said that the new tax regime would not be applicable to transaction on sale of units, taken place between April 1 and July 10. This means that all those investors who had invested in the various debt schemes before July 10, 2014 would come under the new tax bracket. The industry expected that the Centre would provide relief to all purchases and sales made prior to the Budget from the new tax regime.