All,you,need,know,about,ELSS,F finance, share, loan All you need to know about ELSS Funds
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Basically, ELSS is a type of mutual fund with tax benefits, where you can save income tax up to 1.5 lakhs under Section 80C. These funds have a lock-in period of 3 years and a majority of their portfolio lies in investing in stock markets. Read on as we tell you the basic know-hows of Equity Linked Saving Scheme. How to invest in ELSS? You can invest in ELSS funds by going to your preferred company’s website. The investments can either be in lump sum or in instalments. However, point to be noted is that each instalment is considered to be a fresh investment, and the lock-in period for each instalment would be 3 years, separately. What tax benefits can be availed from an ELSS? An investor of ELSS can attain tax benefits of up to Rs 1.5 lakhs in a year. The returns generated on the investments are also tax-free on completion of three years. In case of instalments, redemptions can be done on a first-in-first-out basis, since each instalment individually is for a period of three years. How much to invest in ELSS? The minimum amount required for investment is Rs 500, and there is no upper limit for the same. However, the maximum tax benefit that can be availed in a year is up to Rs 1.5 lakhs only. What is the investment tenure of ELSS? The lock-in tenure is for 3 years, but you can stay invested in them for as long as you want. Instalment investors can also stop the instalment as and when they wish to, but the amount already invested will remain locked-in for three years. Who can invest in ELSS? If you are interested in investing in ELSS, you need to invest as an individual, and not as a group or company. Is investment in ELSS a risky one? Mutual funds such as ELSS are ideal for risk-averse individuals. They provide a varied portfolio of invest so that you do not put all your eggs in one basket; thereby providing a cover for your investments. The amount is invested in equity and returns are generated accordingly, but with a cover.
All,you,need,know,about,ELSS,F