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No. The losses have to be managed by you. You cannot claim any tax benefits on them.
Wiki User
∙ 15y ago
Wiki User
∙ 14y agoNo. Since profits from mutual fund investments are non taxable their losses cannot be used for tax deductions.
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What is the problem with mutual fund investing?
One disadvantage of mutual fund investing is that mutual funds are not tailored to the specific investment needs or tax status of individual shareholders
How are you charged when you take out money in a mutual fund?
There are following charges when you take out money from a mutual fund: exit load: it depends upon scheme features which describes how much exit load will be charged and when(time horizon of scheme holding period) nowdays after 1 years no exit load is charged. But do confirm by reading mutual fund account statement deeply. Securities transaction tax: it is charged whenever you withdraw money from mutual fund it is approx. 0.025% of fund value. Other charges is short term tax and long term tax. Short term tax on gain is 15% as per fy 2011-12 and long term capital gain is nil. Long term will be considered when we hold our investment for more than one year.
What type of loans are tax deductible?
Mortgages and Student loans are the only types of loans that are tax deductible.
Are home repairs tax deductible?
are the costs for home repairs caused by hurricane sandy income tax deductible
Disadvantages of mutual fund?
A mutual fund is an investment vehicle with a well defined, easy to understand investment strategy and goals. Investing in a mutual fund is only advantageous if the investment strategy and goals of the fund (or combination of funds) match that of an investor. For example, if investment is made into a fund whose goal is growth over a long term, an investor may lose a significant fraction of their investment when taking the money out too soon. A second, very important consideration is taxes. It turns out that buying mutual funds is a good idea when one is to use tax advantages of retirement plans, such as IRA, Roth IRA or 401k, 403b. The reason is that a so-called turnover ratio (or distributed gains) for a mutual fund can be quite high. If you have to pay taxes on these gains, you might end up paying tax on the income you did not receive. It is therefore recommended to use low turnover mutual funds or an entirely different investment vehicle - exchange traded funds (ETF) if investment is made in an ordinary (vs. tax privileged) account.
When selling mutual funds are you taxed only on the dividends and earnings if the realized gains and losses were recorded in prior years and the tax basis adjusted?
diviend on sahre and mutual fund is fullt TAX FREE.And loss on sale of mutual fund can set-off from last year gains and carry-forward for the next 7 years.....
All contributions to a pension fund are tax deductible?
Is not always a true statement
What is the problem with mutual fund investing?
One disadvantage of mutual fund investing is that mutual funds are not tailored to the specific investment needs or tax status of individual shareholders
Are you taxed when you withdraw money from a mutual fund?
Yes you are taxed when withdrawing money from a mutual fund. Your current tax rate would apply.
Can you get income tax saving from hdfc top 200 mutual fund?
Nope. HDFC Top 200 is a Equity Diversified Mutual Fund. Only ELSS Funds have income tax benefits. ELSS stands for Equity Linked Savings Scheme
Anyone help me find the best tax saving mutual fund schemes in India?
: Hi there! In order to save tax on the mutual fund schemes, you can invest in equity linked saving schemes under tax save law section 80C. However, equity linked saving schemes are diversified schemes wherein you can invest in equity related instruments, having a locking a period of about 3 years. For your reference, I have listed some of the good financial institution that offers best tax saving schemes. They are as follows: Top 5 tax Saving Mutual Fund based on lat 1 year returnsSBI Magnum Tax PlanReliance Mutual Fund - ELS - Fund Series 1Sundaram BNP Paribas Tax SaverFranklin India Tax ShieldPrudential ICICI Tax PlanI hope the above information might be useful for you.
Are contributions to a 529 savings plan tax deductible?
This depends on which state plan you have signed up for. You can open a plan in a different state to take advantage of a greater selection of mutual funds, however contribution to out of state plans are not tax deductible. Contributions to a 529 plan may be tax deductible at a state level. Rules vary depending on the state.
What are some advantages of having an ESOP stock?
There are a number of potential advantages of having an ESOP stock. There are tax benefits in that stocks are tax deductible and employees pay no tax on contributions they make to the fund.
On what basis are mutual funds taxed?
shareholders are taxed on the distribution of fund's income. For tax purpose, mutual funds distribute their net income to the shareholders in two ways: (1) dividend and interest payments and (2) realized capital gains.
How are you charged when you take out money in a mutual fund?
There are following charges when you take out money from a mutual fund: exit load: it depends upon scheme features which describes how much exit load will be charged and when(time horizon of scheme holding period) nowdays after 1 years no exit load is charged. But do confirm by reading mutual fund account statement deeply. Securities transaction tax: it is charged whenever you withdraw money from mutual fund it is approx. 0.025% of fund value. Other charges is short term tax and long term tax. Short term tax on gain is 15% as per fy 2011-12 and long term capital gain is nil. Long term will be considered when we hold our investment for more than one year.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
