Income from mip
This query is : Resolved
Querist : Anonymous
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.
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.
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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