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Remaining Invested in an ELSS

Investors can continue investing in an ELSS fund for as long as they want after the lock-in period

I have invested in SBI Magnum Taxgain in the month of March 2006 which is going to complete its lock-in period of 3 years in the month of March 2009. I want to remain invested in this fund for another one year. Is it possible?

You can remain invested in a tax-planning for as long as you want after the lock-in period of 3-years. SBI Magnum Taxgain Fund is a tax saving scheme having a 3 year lock-in period. In ELSS funds, you cannot redeem your units before the completion of the lock-in period but it is not mandatory to withdraw your money after 3 years. So, you can remain invested in the fund.

This article was originally published on November 14, 2008.

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