Your queries answered

1) I have a SIP in ELSS fund for 3 years ( till 10 Apr 2009). Can I redeem the units from fund only after 10 Apr 2012 , after the 3 year lock- in period applicable for ELSS tax saving funds ?

Lock-in period in ELSS is applicable for units based on the date of purchase of that relevant unit.
Say I have an SIP for 6 months..

units purchased on 10th of may07 ,jun 07, jul 07, aug 07 ,sep07 ,oct 07.

redemption of units purchased on 10th may 07 can be dome on or after 10 may 10
same way ,units purchased on 10th jun 07 can be done on or after 10 jun 10. and so on

The lock-in for the units will be determined by the purchase date of that unit.
To determine one year holding to Equity MF for Long term capital gains, same rule needs to be applied.

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