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Tax benefits on equity mutual funds

Investments in Equity Linked Savings Scheme (ELSS) qualify for a tax deduction of up to Rs 1.5 lakh under Section 80 C of the Income Tax Act

I want to know whether I can get tax benefit for investing in any equity mutual fund other than Equity Linked Savings Scheme (ELSS)?
- Debashis Murmu

Investments in Equity Linked Savings Scheme (ELSS) qualify for tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. No other equity funds qualify for tax deduction under Section 80C. However, equity funds offer you other tax benefits, too. For example, you can get tax-free dividends from equity mutual funds. If you sell your equity mutual funds after a year, the returns will qualify for long-term capital gains tax. Long-term capital gains tax is nil on equity. If you sell your equity mutual funds before a year, you will have to pay short-term capital gains tax of 15 per cent on your returns.

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