I have applied for a open ended scheme in APRIL AND THE prsent (DEc) NAV is double and so i want to redeem it.

In this case whether i have any tax liability? in india . What short term investment tax

If it is 10% tax for the profit received, whether i have to pay the tax or the mutual fund company itself will deduct tax and give me?

You may be NRI or Resident Indian, It is taxable. This income falls under Short Term Capital Gains. If your status is NRI then there is a fixed rate of TDS on it. Otherwise no tax will be deducted by the Mutual fund, but you have to show it in your tax returns.

Resident Indian: Flat 10% tax on Short term capital gains

In case of NRI read the web link.
http://www.timesofmoney.com/mf/jsp/mf_ta...

Dear Ramesh

In this case , fist of all you have to pay the exit load to the Mutual Fund company. Exit load charged on your current account value. ( Original Investment + Profit = A/c value ). Most of the MF companies charging 0.50% as an exit load after 6 months. And if you exit after 12 months there is no exit load on open ended plans.

However the biggest tax advantage of investments in Mutual Funds arises from the provisions contained in Section 10 (35) of the Income Tax act 1961, under which the enitre income received by the invstor from Mutual Funs is fully exempt from income tax.

But if you exit before one year than you are liable to pay 10% capital gain tax on your profits.

Hope this will help you.

Rgds

go ahead and redeem it. u have to pay 10 % tax on the profit you will earn from this redemption.

If u are daring for money then go for it by paying 10% short term capital gain tax. But if u can manage your money by finance or elswher, don't redeem it. It will be tripple may be four times within year or two. if your mf not perform very well than swithc over to another scheme. But do not redeem and take away your money. If you lend mony from from soem where you have to pay maximum 15% interest whereas you can gain minimum 20% from Mf annually