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  1. Yes it is true the Long term capital gain on sale of mutual fund is tax exempt under section 10(38) of the income tax act, 1961



  2. Long term Capita Gains is Gains arising out of sale of investment held for more than a year.

    For equity (shares of listed companies) – No tax on Long Term Capital Gains

    For Equity MFs (MFs investing more than 65 % in equity) – No tax on long term capital gains.

    For Debt MFs (MFs investing less than 65 % in equity) – There are two options. First – flat 10 % on LT Capital Gains. Second – 20 % with indexation on LT Capital Gains.

    Hope the info is useful.