Following Sebi s recent order to use uniform nomenclature for tax saving mutual funds, prominent ELSS have changed their names to help investors in identifying schemes in the same league.
Updated Feb 12, 2021 | 08:50 IST
Keeping in view falling returns from fixed income products that also provide tax deduction under Section 80C, analysts say ELSS should be an integral part of one s retirement planning. Representational image
Key Highlights
ELSS funds primarily invest in equity products, in the long term these funds have the potential to generate superior returns.
Under section 80C of the Income Tax Act 1961, one can invest up to Rs 1.5 lakh every year in ELSS funds to get income tax deduction
Long term capital gains booked from ELSS above Rs 1 lakh per year is taxable at the rate of 10%