Equity Linked Saving Scheme (ELSS) or a tax saving mutual fund schemes helps investors to save taxes under Section 80C of the Income Tax Act 1961. The investments in ELSS are subject to a lock-in period of 3 years and qualify for a tax deduction of up to Rs 1.5 lakh...
000 for ELSS / Life Insurance products under Section 80C and on the maximum available deduction of INR 25,000(for non-senior citizen self, spouse and dependent children) and INR 50,000(for senior citizen parents) for health insurance products under Section 80D of the Income Tax Act, 1961. ...
Investments made in an ELSS fund are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. While there is no upper limit to the amount that can be invested, a maximum of Rs. 1.5 lakh is eligible for a tax deduction as per the IT Act. By investing this amount in...
Under the Income Tax Act Section 80C, investment in ELSS mutual funds and PPF (Public Provident Fund) give you a full tax deduction up to Rs 1.5 lakh every financial year. Under Section 80C, you cannot claim a deduction of more than Rs 1.5 lac when investing in ELSS or/and PPF and/or...
The tax deduction of up to ₹1.5 lakh under section 80C helps reduce your income tax liability. This tax benefit comes with the upside of equity exposure and wealth creation. Professional Fund Management ELSS funds benefit from professional equity research and fund management, which ensures your ...
Section 80C of Income tax act permits this deduction, there are other classes of investments also under this section, namely LIC Premium, PPF,etc , If you have investment in other products e.g. You are regularly paying LIC premium then your investment in ELSS will be exempt to a reduced ...
As compared to other tax-saving avenues, these funds have the shortest lock-in period of three years. Investing in ELSS Funds makes you eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this way, you can reduce your tax liability as the ...
What is ELSS? An ELSS is as an equity instrument that you can use to grow your investments and funds. However, it does not offer any life cover like a ULIP. During the financial year, an investor can claim a tax deduction of up to Rs. 1,50,000 against investments made in this sche...
8. SBI Magnum Tax Gain Scheme SBI Magnum Tax Gain Scheme consists of a portfolio that has equity funds. Under Section 80C, this equity-linked saving scheme aims to help the investors in availing deduction. It also helps in distributing the surplus income in a periodical way. This fund is ...
Having a statutory lock-in period of 3 years, ELSS Funds enable long term wealth accumulation along with the benefit of tax saving. Investing in ELSS Funds makes you eligible to claim a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act 1961. ...