Announcement

Collapse
No announcement yet.

Stamp Duty on purchase/switch of Mutual Funds

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Stamp Duty on purchase/switch of Mutual Funds

    With effect from 1st July 2020, stamp duty is being levied on all purchase/switch transactions of Mutual Funds. The Cams Statement reflects the purchase amount invested against allotment of units net of the stamp duty (ie after deducting stamp duty) in their consolidated statement. The investor has paid the gross amount inclusive of stamp duty. When we import this consolidated statement in MProfit, Mprofit captures the net amount against the number of units allotted. Whilst the number of Units captured is proper, in the amount invested, the stamp duty should also be added to the cost of investment since the stamp duty is the cost paid by the investor. This cost inclusive of stamp duty would be the cost for books of accounts, working out capital gains, income tax purpose as well for working out XIRR on the units invested. Please quickly modify MProfit to give a field in MFs where this stamp duty amount can be physically recorded to add to the net cost to arrive at the gross cost, which should be used for accounts, capital gains, XIRR workings.

  • #2
    Dear Kamlesh Vikamsey,

    It would be helpful if you can email CAS statement with such transactions to [email protected]

    Comment


    • #3
      I have emailed the required Statement. I urge that the structure of the database be amended quickly to capture the additional field of Stamp Duty. Though this figure will not be captured by import of Consolidated Statement downloaded from CAMS and imported in Mprofit, one could manually input the stamp duty figure in Mprofit. Since the levy of stamp duty has started from July 1st, 2020, the sooner the database structure is modified to capture this field the better. I am suggesting this because as more time passes, the number of transactions will pile up and it would be difficult to identify them and manually change them in MProfit.

      Comment


      • #4
        Dear Kamlesh Vikamsey,

        The development work has started. We hope to release this before end of July 2020.
        MProfit Support

        Comment

        Working...
        X