Debt mutual funds are likely to be stripped of the long-term tax benefit if they invest less than 35 per cent of their assets in equities. Such mutual funds will attract short term capital gains tax. The government is likely to make such a proposal in the form of an amendment to the Finance Bill 2023 in the Parliament, media reports said. According to personal finance experts, such proposals will bring bank fixed deposits (FDs) on-par with debt mutual funds.
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