iStockI am a new investor. Please guide me about the best tax saving investment schemes. I am cautious, considering the current pandemic and downfall in the market.
-Shubham Tomar
Investments in Equity Linked Saving Schemes or ELSSs qualify for tax deduction under Section 80C of the the Income Tax Act. You can invest in these tax saving or tax planning schemes and claim tax deductions of up to Rs 1.5 lakh in a financial year. ELSS funds come with a mandatory lock-in period of three years. However, you should invest in equity mutual fund schemes, including ELSS funds, only if you have a minimum investment horizon of five to seven years. This is extremely important in the current market scenario.
Here are our recommended tax saving mutual fund schemes:
Best ELSS funds to invest in 2020
-Shubham Tomar
Investments in Equity Linked Saving Schemes or ELSSs qualify for tax deduction under Section 80C of the the Income Tax Act. You can invest in these tax saving or tax planning schemes and claim tax deductions of up to Rs 1.5 lakh in a financial year. ELSS funds come with a mandatory lock-in period of three years. However, you should invest in equity mutual fund schemes, including ELSS funds, only if you have a minimum investment horizon of five to seven years. This is extremely important in the current market scenario.
Here are our recommended tax saving mutual fund schemes:
- Motilal Oswal Long Term Equity Fund
- Aditya Birla Sun Life Tax Relief 96
- Invesco India Tax Plan
- Axis Long Term Equity Fund
- Mirae Asset Tax Saver Fund
- DSP Tax Saver Fund
Best ELSS funds to invest in 2020
( Originally published on Jun 01, 2020 )
(If you have any mutual fund queries, message us on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.)
Get Unlimited Access to The Economic Times
