Mutual fund mip and fmp

FMP (Fixed Maturity Plan)

Redeemed < 1 year --> STCG

After > 1 year --> LTCG

MIP (Monthly Income Plan)

Treated as Interested and shown under the Head Other Sources.

Dear I am sure about FMP but not completely on part of MIP. I think the treatment will be done for MIP as Interest because it is the most relevant treatment among Dividend, Capital Gain & Interest.

Dear Ashok,

The amount received on redemption of Mutual Fund is a transfer of capital asset U/s.2(47) of the Income tax act 1961. Transfer of Capital asset would attract Capital Gains tax. Since the capital asset (MF Units in the present case) is transfered after a period of one year from the date of purchase, it would be subjected to long term capital gains tax.  

However, gain on transfer of equity oriented fund subjected to Securities transaction tax is exempt from tax U/s.10