NISM Mock Test For Mutual Fund – Part 7 | NISM V A

This is Part 7 of our Premium NISM Mock test for NISM V A.

#1. A Mutual Fund Trust is

Mutual Fund is a Trust not a company. And AMC is managing investor’s money not their own. So they are exempt from tax.

#2. A Mutual Fund scheme will be considered as Equity-oriented scheme if atleast 65% of the asset are invested in

#3. Long term capital gain tax on debt mutual fund is

In debt mutual fund,

if units are hold for more than 36 months

then it is considered as long term and are taxed at 20%

with indexation benefit.

#4. Short term capital gain tax on debt mutual fund is

In debt mutual fund,

if units are hold for less than 3 years

then it is considered as short term and are taxed as per the investor’s slab rate. 

For instance: if investor’s tax slab rate is 30% then his/her investment in debt mutual fund will be taxed at the rate of 30%.

#5. Long term capital gain tax on equity mutual fund is

In equity mutual fund,

if units are hold for more than 12 months

then it is considered as long term and are taxed at 10% without Indexation. And Long term capital gains are not taxed upto 1 lakh rupees.

#6. Short term capital gain tax on equity mutual fund is

In equity mutual fund,

if units are hold for less than 1 year

then it is considered as short term and are taxed at a flat rate of 15%.

#7. STT in an equity oriented fund is

Security Transaction tax is only for equity oriented fund and is taxed at 0.001%.

STT is only applicable at the time of withdrawal not  in case of purchase of an equity share.

While Capital gain tax is only applicable on profit while STT applicable on entire principle amount.

 

#8. The dividend receive by the unit holders is

The Finance Act 2020 has abolished DDT.

So from 1st April 2020, The dividend receive by the shareholders is tax as per the applicable slab rate.

Now Dividend is taxable in the hands of shareholders.

#9. Stamp duty is applicable on

From 1st July 2020,

Stamp duty is applicable on the purchase of mutual funds,

but not on the redemption of units.

 

#10. Stamp duty will be imposed at a rate of

From 1st July 2020,

Stamp duty will be imposed at a rate of 0.005%

on the purchase of mutual funds.

#11. Stamp duty will be imposed on the transfer of mutual fund units.

From 1st July 2020,

Stamp duty will be imposed on the transfer of mutual fund units.

Stamp duty will be imposed on Transfer of units from one demat account to another at the rate of 0.015%.

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Other Certifications:

Please keep this in mind the below paragraph is not related to NISM VA. This is only written to aware you about other certification other then NISM. If you are not interested, ignore reading this and click NEXT to continue solving Part 8 of Nism VA mock test.

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