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Sip profit

This query is : Resolved 
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(Querist)
03 April 2012 Dear Friends
I am Investing monthly SIP (Systematic Investment Plan)
HDFC Top 200 per month

2011-12
No of Units availed 198/-
NAV as on 31-3-2012 234/-
My Avg Price is 216/-
Total Profit as 31-3-2012 keeping the NAV as on 31-3-2012 as base I have earned Rs 3564/-

My Qustion how is the follows

1) Wheather I can show profit yearly ? (As I am Investing for 10 years)
2) Under which head it showed as Income ?
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CA Ghanshyam Joshi

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CA Ghanshyam Joshi (Expert)
04 April 2012 Profit needs to be shown only in the year in which you are redeeming the units.

As long as you are holding the units, no need to show the notional profit.

It will be under the head Capital Gains.

If you are holding the units for more than one year then it will be long term asset. Long term Capital Gain on the investments in mutual fund is exempt from tax.
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