Tax liability on income by way of sale of idbi 96 tax nit mutual funds?

If this is the only income from MF units held for three years at least, and if it is below Rs. 1 lac., no return need be filed and no tax is payable.

If this is coupled with other income and exceeds the basic limit of Rs. 1 lac and if you are a resident, then too no tax is payable on this component as the gains are considered Long Term Capital Gains and are exempt from tax. Please show this income under that head in the relevant schedule in ITR 2.

If you are a non resident, then, you may have to pay 10% plus education cess as tax.

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