Tax on mutual fund redemption

SHIRISH S S (Proprietor) (1016 Points)

17 August 2017  

My friend had invested RS 5000( 500 UNITS)  in his Minor child's name in Tata Young Citizen fund (Tata MututL FUND)

His son is major and status with CAMS is changed with KYC.  He has redeemed  the units and got 76k.  Is the  gain taxable?