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I’m a 25-year-old unmarried individual working in the IT sector. I’m willing to invest ₹10,000-15,000 per month, which is about 22-33% of my net income.
My goal is to build a good corpus so that I can retire early and start my own business.
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Currently, I have the following investments: Gold worth ₹70,000; ₹1,000 SIP in Axis Bluechip Fund - Growth; ₹2,000 SIP in Axis Long-Term Equity Fund - Growth; ₹2,000 SIP in Axis Midcap Fund - Growth; ₹2,500 SIP in Mirae Asset Emerging Bluechip - Growth; ₹2,500 SIP in Mirae Asset Tax Saver Fund - Growth; and ₹1 lakh in a fixed deposit.
Should I invest more in technology or infrastructure fund?
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Last Updated: Apr 28, 2021, 11:39 AM IST
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I am currently investing in following mutual fund SIPs from given time periods: DSP Tax Saver Fund 5% of my monthly investment (3 years), Axis Long Term Equity Fund 10% (2 years), Kotak Flexicap Fund 10% (18 months), Mirae Asset Emerging Bluechip Fund 25% (18 months) ICICI Prudential US Bluechip Equity Fund 10% (10 month), Axis Bluechip Fund 20% (7 month), SBI Small Cap Fund 10% (2 month), L&T Emerging Businesses Fund 5% (3 years), and Nippon India Small Cap Fund 5% (1 year). I want to increase my investment. My timeframe is 20 years. In which fund should I increase my investment or some new fund needs to be added or some fund needs to be stopped.
There are a variety of options to choose from in mutual fund schemes, based on one s risk appetite and financial goals. If one is looking for investment opportunities that can help them generate wealth, get regular returns, and/or save taxes, then ELSS becomes a great investment choice.
In recent years, it can be seen that many taxpayers have turned to ELSS schemes to avail of tax benefits. In this article, we will discuss different aspects of tax-saving ELSS or equity-linked savings schemes of mutual funds.
ELSS funds are equity-linked funds that invest a major portion of their corpus into equity or equity-related instruments. They are also called tax-saving schemes since they offer tax exemption from your annual taxable income under Section 80C of the Income-Tax Act.
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%