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Income from mip

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 July 2017 whether Income from redemption of MIP before 36 months of holding is taxable
under Short term Capital Gain and taxed @ 15%
or
Is it to be shown under Income from Other Sources and taxed according to the tax slab applicable. ?

The name of MIP is ICICI Prudential Regular Income Fund - Growth (MIP)
And on the Redemption Statement it is written as Short term Capital Gain.
It was Purchased on 3.1.16 and redemption on 7.3.17.

Thanks in Advance.
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K Srinivas, CMA CS

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K Srinivas, CMA CS (Expert)
15 July 2017 Profits arsiing out of redemption of Investments in MIP before the end of 3 years is Short term gains and are subject to tax @15%.

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