Mutual funds sip

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2014 how can we taxable income from mutual funds specially SIP (systematic Investment Plan ) . for ex. Rs 5000 invested per month for 5 years starts from 1.10.2012 and we sold on 31.3.2014( Months 18 ) i.e 18 * 5000 = 90000 and we received Rs 120000 then how much we have to pay tax for F.Y 2013-2014. ( period from 1.10.2012 to 31.3.2013 ) will be long term and rest will be short term.

Its really urgent and it will be great if anyone can reply me

CA UMESH DULAL

CA UMESH DULAL (Expert)
Follow

11 June 2014 If the units allotted is sold before 12 months - it is short term capital gain but CG tax is to be paid.
If the units allotted is sold after 12 months- it is long term capital gain and no tax has to be paid as it is exempted.