Is capital gain on redemption of ELSS after 3 years taxable ?

DEAR SIR MY TAXABLE INCOME FROM SALARY FOR THE ASS YEAR 2011–12 IS RS. 24442 AND I HAD PAID ADVANCE TAX RS.2550 I HAVE ALSO REDEEMED RS 1,24 221 ON 06-12-2010 OUT OF INVESTMENT OF RS. 70,000 MADE ON 23–03–2007 IN ICICI PRUDENTIAL TAX–GROWTH –ELSS TAX SAVING SCHEME . I REQUEST YOU TO LET ME KNOW HOW MUCH CAPITAL GAINS TAX I HAVE TO PAY FOR THE ASS YEAR 2011-12 THANK YOU

Is mutual fund taxable?

Hi everyone,
I have invested in a mutual fund for a period of two years. The last SIP is due this January’13. I have started this investment (equity) in Jan’11.
My question is; Will I be taxable if I en-cash the gain within this March’13? Or anytime within Jan’14 (considering the 1 year limit – read in couple of websites that it will not be taxable if withdrawn after 1 year of investment)
I am a novice investor and trying to juggle within taxes and creating wealth. Many thanks for helping me in advance.

With regards,
Sanjay