1.5 lakh is eligible for a tax deduction as per the IT Act. By investing this amount in an ELSS, one can save up to ₹46,800 a year in tax outgo. Tax benefits of ELSS Mutual Funds ELSS mutual fund is the only category of mutual fund that comes with the tax benefit. Let’s ...
If acquired before 1st April 2023, there can be two scenarios based on when you sell. If you sold before 23rd July 2024, long-term capital gains (LTCG) (held for more than 36 months) are taxed at 20% with indexation benefit. Indexation benefits can make investments tax-efficient. It ...
Tax saving: Tax saving funds or ELSS not only reduce tax liability, but have wealth creation potential too. Imagine this - after decades of hard work, you can finally retire comfortably without any financial worries. Your life's savings have grown enough to sustain you ...
As you already know about it, ELSS (Equity Linked Savings Scheme) funds offer a tax advantage to investors. Investing in these closed-ended tax-saving ELSS funds make you eligible to avail deduction of up to Rs 1.5 lac every year under the Section 80C of Income Tax Act. These ELSS funds...
In this case, Mr. X invested one-time of 1 lakh in an ELSS scheme and let’s assume it is “Invesco India Tax Plan“ Here is the return for both the funds in a horizon of 5 years: That’s basically a loss of almost 14k for you just for an investment in an ELSS scheme. ...
It is possible for you to claim deductions on repayment of both of these components as per the income tax laws. Let us have a detailed look at these home loan tax benefit sections- 1. Tax Benefits on Home Loan Under Section 80C Under Section 80C of the IT Act, you can claim tax ...
Are the companies having names like mutual benefit the same as mutual funds schemes? Investors should not assume some companies having the name "mutual benefit" as mutual funds. These companies do not come under the purview of SEBI. On the other hand, mutual funds can mobilize funds from the...
How to exit from tension policy, by the way people still call it pension policy:The decision to hold or redeem is based on similar lines as Traditional Policy and ULIPS. Tax treatment: The withdrawal from Pension Policy is always added to your income whether you do it before the maturity ...
correct.Pleasedon’t send us emailsasking us to check your income tax detail. But if you have any doubt on the article or some clarification is required or you feel some information is wrong. Please leave it in comment section so that all readers can benefit. For details check our...
1. Had you properly reported your income, you would have paid tax on 40k pounds. However, as you have not properly reported your income, you would need to pay interest as well as penalty. 2. I don’t think so. The benefit is available only in capital gain as it is calculated in GB...