I had some Mutual Fund units bought through stock broker. I realized that REGULAR schemes pay commission to agent, so requested Mutual Funds to convert them to DIRECT.
Now AIS shows these units as redeemed.
Do I need to pay tax on all such conversions as if the units were first redeemed from REGULAR scheme and then reinvested in a new DIRECT scheme?
Yes, it is treated as redemption first & then new purchase. So, capital gains liability arises.
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