How will LTCG tax be applicable to partial withdrawals from mutual fund?
The principle being followed is First-in-First-out (FIFO). If you have invested over a period of time, your oldest units are redeemed first. The difference between the date of purchase and date of redemption of those units is calculated. If it is more than 365 days, it will be considered as long-term capital gains. If it is 365 days or less, they are considered as short-term capital gains.