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Tax on mutual fund

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(Querist)
29 January 2013 is there income tax levy on benefit on mutual fund. i explain my query with example.
if i pay installment of 5000 per month, after 4 years i.e. i have paid 240000 now, i got 350000. it means my benefit is 110000 on mutual fund. is this amount is taxable or not. please clarify this.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
29 January 2013 As I understand- you have to bifurcate the capital gains in LT and ST.
.
Against units allotted within 1 yr from the date of transfer or repurchase- Short Term Capital Gain has to be calculated.
.
The balance being LTCG -will be exempt income.
.
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