I have certain queries related to taxation in case of Investments in Mutual Fund. I would be highly obliged if you find time to clear my doubts as Different Tax Consultants are having different views on the topic.
I have made investment of Rs 15,00000/ in debt category of Mutual fund. . My queries are
1. At the end of the Financial year suppose my capital stands at 16,00000/-as per NAV of Units held by me. with an appreciation of Rs 1,00000/- Shall I have to pay the Income tax on the appreciated amount even though i have not redeemed any units and actually did not received any amount in my bank account.
2.Shall i have to pay the tax only after i have redeemed the units ?
3.Shall I have to pay the Tax as per capital gain statement?
4. In case of Debt fund , what is the period required for long term capital gain?
5. In case of Debt fund what is the taxation rate in case of short term and long term gain?
6.In capital gain statement suppose I have negative long term gain of Rs 1,00000/ i.e loss , whereas in the same financial year due to switch over i have earned short term capital gain. of Rs 50,000/-How the Tax liability is decided? Whether it is considered as gain of Rs 50,000/- or loss of Rs.50000/ due to long term loss of rs 1,00000/-
7.If i switch from one fund to other fund , shall i have to pay the Tax on the appreciated amount, even though i have not actually received any amount in my bank account.
8. Suppose in the month of April i have switched over from one fund to other fund with an appreciated amount ,shall i have to pay the advance tax as per appreciation.or at the end of financial year. How is the Tax liability calculated?
9.If i make part redemption of units ., How is the Tax liability calculated?
Thanks with regards
Arun Kumar Dutta