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No ELSS after DTC

ELSS funds won't be eligible tax-saving investments once the Direct Tax Code comes into effect…

I have been investing Rs 1 lakh a year in an ELSS fund. I want to know if the tax benefit will stop once the DTC comes into effect. -AK Agarwal

Yes, once the Direct Tax Code (DTC) comes into effect, the ELSS funds won't be eligible tax-saving investments. After the DTC, the only equity-related long-term tax-saving instrument will be the National Pension System (NPS).However, the DTC hasn’t come into effect for the past 2 years and even now, there are some talks about it being refined further. Hence, there is a small possibility that the DTC won't come into effect from 1st April 2013.

This article was originally published on October 03, 2012.

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