I was reading an equity-based FoF here at ValueResearch
https://www.valueresearchonline.com/funds/36693/icici-prudential-bharat-22-fof-direct-plan/#overview
It is mentioned:
Capital Gains Taxation: If investment is made on or after 1 April 2023: Entire amount of gain is added to the investors' income and taxed according to the applicable slab rate.
Is that the case? I fall under 30% slab, so I have to pay 30% of profits even after 1 year of holding? Strange. As per my understanding, for equity funds, taxation is flat 15% of profits if sold within 1 year, and 10% if more than 1 year, please correct me if I am wrong.
https://www.valueresearchonline.com/funds/36693/icici-prudential-bharat-22-fof-direct-plan/#overview
It is mentioned:
Capital Gains Taxation: If investment is made on or after 1 April 2023: Entire amount of gain is added to the investors' income and taxed according to the applicable slab rate.
Is that the case? I fall under 30% slab, so I have to pay 30% of profits even after 1 year of holding? Strange. As per my understanding, for equity funds, taxation is flat 15% of profits if sold within 1 year, and 10% if more than 1 year, please correct me if I am wrong.