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Am I investing in the right mutual funds for my child?

mutual funds: Am I investing in the right mutual funds?

Synopsis If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts. Shutterstock.com I am a 31-year-old long- term investor doing a monthly investment of Rs 40,000 via SIPs. I am open to take moderate risk. I am also investing in debt funds and not sure if I should continue with them. My goals are: For Retirement : Rs 10 crore in 29 years Currently, I am investing in the following schemes. Equity Fnds: Axis Long term equity Direct - Rs 5,000 Mirae Asset Tax Saver Fund: Rs 10,000 Aditya Birla Sun Life Tax Relief 96 Fund: Rs 5,000

elss mutual fund: Invest more than Rs 1 5 lakh in ELSS mutual fund to claim full benefit under section 80C: Experts

Suggested InvestmentHorizon: >3 years Time taken to doublemoney: 1.1 Years Chartered Accountant Naveen Wadhwa, DGM, Taxmann.com says, Section 80C allows deduction in respect of various investments such as a subscription to units of ELSS, ULIPs, etc. The Indian Stamp Act provides for the levy of stamp duty at the rate of 0.005% on purchase of units. If an investor is investing Rs 50,000 then stamp duty of Rs 2.5 shall be levied, and a balance amount of Rs 49,997.5 will be invested in the units. The provision is silent whether the amount of deduction under Section 80C shall be arrived at before excluding or after excluding the stamp duty. It is advisable to claim the deduction for the net amount, that is, after excluding the stamp duty.

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