Investments in Equity Linked Savings Schemes, or ELSS, are eligible for a tax break under Section 80C of the Income Tax Act. What this means is that the amount you invest gets you a tax deduction. You can go up to Rs 1.50 lakh which is the limit under this section.
Since the minimum lock-in period of ELSS is three years, investors end up paying zero tax since long-term capital gains in equity is nil.
So there is no tax to be paid on the returns and at the time of investment, the investor gets a tax break under Section 80C.
Top 10 Tax Saving Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
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