Best tax saving mutual funds or ELSS to invest in May 2024 indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Tax -saving mutual funds or Equity Linked Savings Schemes (ELSSs) help you to save income tax under Section 80C of the IT Act. You can invest a maximum of Rs 1.5 lakh in ELSSs and claim tax deductions on your investments every financial year. Are you interested?
Tax saving mutual funds or ELSSs invest in stocks. Therefore, they have a very high risk. You should be aware of this aspect, especially if you are a first-time investor in equity mutual funds. Compared to your usual investments like Public Provident Fund or National Savings Certificate, etc, ELSSs do not offer guaranteed returns. You may even suffer losses in a bad market.
Mirae Asset Emerging Bluechip Fund is the largest scheme in the large & mid cap category based on assets managed. The scheme manages assets of Rs 29,024 crore. According to the scheme information document, the scheme manages 1,534,810 folios. The new name of the schemes will be Mirae Asset Large & Midcap Fund.
We considered equity categories such as large cap, mid cap, small cap, large & mid cap, focused fund, ELSS, value & contra fund categories with schemes. We considered the schemes that have more than Rs 100 crore AUM. We did not consider flexi cap schemes as they have been introduced just three years before. We also did not consider the multi cap category as the data of the benchmark was not available for comparison.