Do I need to pay any tax while selling my mutual funds?

I had invested Rs 15 lakh in three mutual fund schemes: HDFC Balanced Fund, SBI Bluechip Fund and Canara Robeco Fund all for 10 yrs. I would like to know do I need to pay any tax at the time of maturity. If yes how much?
--Jordan Tuscano

Deepali Sen, Founder, Srujan Financial Advisors, responds:

You will incur a tax liability at the time of redemption. It will depend on the tax rates applicable then and will be calculated on the rate/amount you sell at. Also, different asset classes could have different tax incidence after redemption. (ET.com Mutual Funds adds: currently long term capital gains on equity mutual funds over Rs 1 lakh are taxed at flat 10 per cent without indexation benefit.)