Can we invest more than ₹1.5 lakh in an ELSS or tax saving equity mutual funds in a financial year? If yes, will the additional units above ₹1.5 lakh have a three-year lock-in period?
- Minal
You can invest more than ₹1.5 lakh in an ELSS in a financial year. All tax saving instruments permitted under Section 80C come with a mandatory lock-in period, and Equity Linked Saving Schemes (ELSS) have a lock-in period of three years. This means you cannot redeem your investments in them before the completion of three years.
This article was originally published on September 18, 2015.
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