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taxation of SIP

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(Querist)
13 June 2010 What is the taxability of SIP plans ?
Whether short term capital gain should be recognised for period upto 12months or 36 months?
Also whether 1st installment or last installment has to be considered for STCG/ LTCG ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
13 June 2010 Holding period of SIP is 12 months and not 36 months to distinguish STCG/LTCG.
The long term capital gains , if sold by paying STT, is tax free under section 10(38) of the Income tax Act,1961 and STCG will be taxed under section 111A of the said act.
Each instalment has to be considered separately to count the holding period.
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