The present invention provides a process for the preparation of 5-(4-(4-(5-cyano-1-tosyl-1H-indol-3-yl)butyl)piperazin-1-yl)benzofuran-2-carboxamide (tosyl Vilazodone)of formula V: Formula V or a pharmaceutically acceptable salt thereof and its conversion to Vilazodone or its pharmaceutically acceptable salt.