under Section 80c
Tax savings scheme
ELSS (Equity Linked Savings Scheme) is a type of mutual fund that primarily invests in equity and equity-related instruments. Here’s a brief overview
Key Features of ELSS
01
Tax Benefits
Contributions qualifying for deduction under Section 80C of the Income Tax Act in India, allowing you to save on taxes by investing upto 1.5 lac anually
02
Lock-in Period
ELSS has a mandatory lock-in period of three years, which means you cannot redeem your investment before this period.
03
Investment in Equities
These schemes typically invest more than 80% of their assets in stocks, which can offer higher returns but also come with higher risks.
04
Long-term Growth
Suitable for investors looking for long-term capital appreciation while enjoying tax benefits.