For how many years will I get the tax benefit by investing in any equity-linked saving scheme?- Bhura Rahil M. Salim
27-Sep-2006 •Research Desk
For how many years will I get the tax benefit by investing in any equity-linked saving scheme?-
Bhura Rahil M. Salim
You get the tax benefit only once, and that is in the year of investment in an ELSS fund. The amount you invest in an equity-linked saving scheme in a particular year will be deducted from your taxable income for that year only. This is subject to a maximum limit of Rs 1 lakh per annum (including other tax-saving investments like NSC, PPF, LIC premium etc.) The other tax benefit is that at the time of withdrawal (which can only be after at least three years from the date of investment), you will not have to pay any tax and all your gains from such an investment will be tax free.
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