Will you explain taxation aspect if I do STP from liquid or debt to equity funds

It is very good idea indeed to opt for STP by investing in a liquid fund and transfer periodically to an equity fund of the same AMC.

Any capital gain arising from the above within and upto 3 years will be treated as short term capital gains. Therefore, for calculation of short term capital gains you will have to account each and every STP during the financial year. The formula for calculating the short term capital gain is as follows –

(NAV on withdrawal date - NAV on deposit date) X Number of units redeemed X your income tax rate.

To further see how we have calculated the above in our STP research tool, you may please refer to this - https://www.advisorkhoj.com/mutual-funds-research/mutual-fund-stp-investment-calculator

To know more about mutual fund taxation, please read this https://www.advisorkhoj.com/company/ICICI-Prudential-Mutual-Fund/articles/Mutual-fund-taxation-in-FY-2015-2016