Sir/ma'am,
I have changed some MF units from regular to direct, not knowing that the units are taken as redeemed and then reinvested.
The MF house has charged only stamp duty while doing the change. No STT is involved. Will these be still taken as sale of equity share and attract only 10% tax? If not, what IT rule will apply?
You have noted only the purchase value statement.
While during switch option the fund house gives two statements, first one for the redemption value, & second one for purchase.
So, check the first statement, there STT must have been deducted.
Arvindkumar Maniar & Co.
Rajkot
CA
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