tax on switchover of MF Units
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 July 2011
Our Client holding units of a mutaul funds regular income scheme has switchedover to fixed income schem of the same fund house.
Would this attract Capital Gains tax ? Pls reply.
Would this attract Capital Gains tax ? Pls reply.
13 July 2011
In case of switch over units of one kind are sold and another kind of units are purchased. So in Switch over from debt to equity or equity to debt oriented untis attract capital gains tax.
In your query, it is to be observed that whether the mode of receipt of income changes or the units in the funds are also changes according to the plan.
When only mode of receiving income changes there is no capital gains.
In your query, it is to be observed that whether the mode of receipt of income changes or the units in the funds are also changes according to the plan.
When only mode of receiving income changes there is no capital gains.
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