I invested 15lac in ICICI Prudential MIP 25 and did STP of 20k and 20k in Focused Bluechip and Discovery Fund monthly. Kindly advice on tax implications with above investment. Is 40k p.m is considered monthly income and I have to pay income tax on 4.8 lac.
Each STP is considered as withdrawal from debt fund and taxed as per the holding period of MIP units. Debt Mutual Fund Taxation is explained in below post..