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Tax impact on redemtion of Mutual Funds

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(Querist)
17 July 2010 Hi Expert

I would like to know the the tax impact on redemption of different mutual fund schemes,if this said mutual fund scheme is having a holding of more than 1 year.
And what is the difference between redeemption proceeds from ELSS mutual fund scheme and other mutual fund schemes.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 July 2010 If the withdrawal/redemption has suffered securities transaction tax, gain is exempted under section 10(38) of the Income tax Act,1961.
In the cases not covered above, gain is to be taxed @ 20% under section 112 of the said act subject to cost indexation.
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