You can invest up to Rs 1 lakh in ELSS funds & avail income tax rebate on them under Section 80C…
Can we get income tax rebate on the money invested in mutual funds?
-Sushil
There is a special kind of mutual fund, the tax-saving fund that gives you income tax rebate under Section 80C. You can invest up to Rs 1 lakh in such equity linked saving schemes (ELSS), which are the only tax-saving option that invest entirely in equities. However, do keep in mind that these funds come with a 3-year lock-in period.
This article was originally published on March 05, 2012.
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