What does ELSS mean?

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What does ELSS mean?

Equity Linked Saving Scheme
An Equity Linked Saving Scheme (ELSS) is an open-ended equity mutual fund that invests primarily in equities and equity-related products. They are a special category among mutual funds that qualify for tax deductions under Section 80C of the Income Tax Act, 1961.

What is Iselss?

ELSS or Equity Linked Savings Schemes are Mutual fund investment schemes that help you save income tax. That’s why they are also known as tax-saving funds. The Income Tax Act, under section 80c, allows taxpayers to invest up to INR 1.5 lakh in specific securities and claim it as a deduction from their taxable income.

How do I get ELSS statement?

To get your ELSS investments statement, log in to Coin and follow the instructions below.

  1. Click on Mutual funds from the dropdown menu.
  2. Click on ‘ELSS statement’ and select the Financial year.

What is ELSs and how does it work?

What is ELSS? An Equity Linked Savings Scheme (ELSS), popularly known as a tax-saving mutual fund, is the only mutual fund which qualifies for a tax deduction of up to Rs. 1.5 lakh annually under Section 80C of the Income Tax Act. As the name suggests, it is a type of open-ended equity fund.

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What is ELSS (equity linked saving scheme)?

As the name suggests, Equity Linked Saving Scheme or ELSS is a type of mutual fund scheme that primarily invests in the stock market or Equity. Investments of up to 1.5 Lac done in ELSS Mutual Funds are eligible for tax deduction under section 80C of the Income Tax Act.

What is the minimum amount required to start an ELSS?

One can start with a minimum amount of Rs. 500 in a SIP and there is no upper limit. However, the tax exempted amount is only Rs. 1.5 lakh in the financial year. One can also start with lump sum investment in ELSS.

What is the best ELSS fund to invest?

4. Top Performing ELSS Funds Fund Name 3-year Return (\%)* 5-year Return (\%)* Quant Tax Plan Direct-Growth 28.80\% 22.29\% Mirae Asset Tax Saver Fund Direct-Growth 20.52\% 21.94\% Canara Robeco Equity Tax Saver Direct- G 19.16\% 18.97\% IDFC Tax Advantage (ELSS) Direct Plan-Gr 15.94\% 17.60\%

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