Please let me know good Mutual Fund MIP schemes

If you are looking to invest for 1-2 years, then Mutual Fund MIP schemes are not suitable for you. For investing in Mutual Fund MIPs, your investment horizon should be minimum 3 years.

You have written about tax free MIP schemes. Please note that there is nothing called tax free MIP schemes. But we think, you are probably meaning tax free returns. If it is so, then please note that the dividends declared by MIPs are tax free in your hand. However, the AMC pays dividend distribution tax of 28.84%.

You can select a suitable MIP scheme, giving monthly or quarterly dividends from here Monthly Dividend Paying MIPs

Please also note that appreciation in MIP schemes are taxed @20% after indexation (in case of holding period is 3 years or more). In case it is redeemed before 3 years, then the gain will be treated as short term capital gains and taxed at the rate of tax slab applicable to you.

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