As a Singapore citizen and NRI under Indian law, you are not liable to pay capital gains tax in India on the sale of mutual fund units (equity or debt), based on the India–Singapore DTAA, Article 13(5), which states that gains from “other property” (i.e. not company shares) are taxable only in the country of residence—in this case, Singapore, which does not levy capital gains tax. This interpretation was upheld in Anushka Sanjay Shah v. ITO (ITA No. 174/Mum/2025), where the Mumbai ITAT ruled that mutual fund units issued by trusts are not “shares” under Article 13(4B), and hence the gains are not taxable in India. You must provide a Tax Residency Certificate (TRC) from Singapore and declare the gains in your Indian ITR to claim exemption under DTAA Article 13(5).