Ask Value Research

Will my investment qualify for tax deduction?

Investments in equity linked savings schemes (ELSSs) qualify for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act

Research Desk

I would like to invest in a tax-saving equity fund. Is it okay to be doing this by a switch-in from another (equity) fund of the same fund house? Can I claim the tax exemption on the investment or I have to buy the fund directly?
- Sanjay Simha

Yes, you can switch your equity investments to a tax saving equity fund and claim tax deduction on it. Investments in equity linked savings schemes (ELSSs) or tax saving mutual funds qualify for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act.

This article was originally published on May 09, 2016.

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