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Redemption of tax-free mutual funds

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(Querist)
23 July 2014 SIR,
IS TAX-FREE MUTUAL FUNDS TAXABLE IN THE HANDS OF ASSESSEE AT THE TIME OF REDEMPTION OF SUCH MUTUAL FUNDS UNITS?

AWAITING FOR RESPONSE WITH APPROPRIATE SUPPORTING CLAUSE OR GUIDELINES OF INCOME TAX ACT, 1961.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
23 July 2014 if its equity oriented then its exempted..............
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
26 July 2014 it shall be exempt if the scheme is equity oriented (please refer SID (scheme Information Document for the same) and you have held the units for a period exceeding 12 months.

otherwise it would be taxable.
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