Tax treatment when a debt fund is converted to equity

Since the allocation of total investible funds of a Mutual fund to equity is less than 65% hence the fund is still a debt oriented mutual fund.
Taxability: (assuming individual)
i. ) Short term capital gains(holding period is less than 3 years)- will be taxed as per the slab rate applicable to such individual for such F.Y.
ii.) Long term capital gains(holding period is 3 years or more)- 10% without indexation or 20% with indexation benefit at the option of assessee. The benefit of exemption under section 10(38) will not be available.

Hi, the equity allocation of the converted fund is more than 65%. Will the ltcg be tax exempt then. Or do I need to wait for 1 year from the conversion to be eligible for tax exemption

In case fund is an equity oriented mutual fund, then period of holding for the purpose of ltcg will be reduced to 1 year or more instead of 3 years or more as mentioned above. Sale of units of equity fund(long term) will be exempted u/s 10(38) provided STT is paid on sale of such units.