I have around ₹1 lakh to invest in Equity Linked Savings Scheme (ELSS). Can you please tell me about which scheme should I invest the money? I am confused which scheme is beneficial for me. Moreover, I do not want to take high risk. Also, should I invest only in a single scheme? Also, please provide me a list of names.
- Rohit Kumar Thakur
Investments in Equity Linked Savings Scheme (ELSS) or tax saving/planning mutual funds can help you to claim a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. These schemes invest mostly in stocks and they come with a lock-in period of three years. However, you should buy them with an investment horizon of at least five years.
We assume that you want to invest ₹1 lakh before March 31 to claim the tax deduction in this financial year. Try to invest the money in at least four instalments in the next two and a half months. You can pick one or two schemes from this list of best tax planning mutual fund schemes.
This article was originally published on January 11, 2016.
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