Do i need to pay Tax on ELSS (Equiry Linked Saving Scheme) tax-saving investment upon redempti

Posted Sat, 20 Jul 2024 15:35:19 GMT by Sam Gupta

Hello, I am UK resident since 2018. I have been investing in the tax savings scheme in India since 2010. The gains in this investment are tax free in India. If i redemeed the investment (2024), do i need to pay any tax in the UK?

Posted Wed, 24 Jul 2024 08:21:09 GMT by HMRC Admin 21 Response

Hi Sam,
ELSS fund returns are subject to Capital Gains Tax when redeemed. The Capital Gains Tax is 10% if you are a basic rate taxpayer and 20% if higher.
Thank you.

Posted Fri, 02 Aug 2024 14:03:15 GMT by Sam Gupta

Thank you for you response. If I am filing returns on Remittance basis, so I am assuming that taxes are only due if I remit the Capital Gains into the UK. Please confirm. thanks, saurabh

Posted Tue, 06 Aug 2024 11:12:33 GMT by HMRC Admin 32 Response

Hi,
Please refer to:
Remittance basis 2024 (HS264)
Thank you.

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