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In India Is the profit earned from investing in SIP for less than five years interest free ?

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    Do you mean "interest free" or "tax free"? – blm Sep 27 '15 at 17:03
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Assuming you are asking about "Tax", the SIP is treated similar to Mutual Funds. The key difference from tax point of view is, every instalment is treated separately. So if you have made monthly investments every 1st of month, after a year only the first instalment if you sell is tax free as its held more than one year.

After investing in SIP only for a year, If you sell everything after 2 years, everything is tax free. If you sell after one and half years, then initial 6 instalment / units are tax free the remaining instalments / units are taxed.

Note we are talking about equity oriented SIP, if these are debt oriented, they would be taxed as per debt funds.

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Equity investments are treated as Dheer explained, and Debt investments have similar deadline for 3 years.

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