What if I sell ELSS before 3 years?
Lump Sum ELSS Investment According to the ELSS lock-in period of 3 years, you cannot redeem your units upto three years, i.e. until 1st December 2023. You can redeem all of your units or withdraw your investment only after 1st December 2023.
What is the lock in period for IDFC Tax Advantage ELSS fund?
3 year
IDFC Tax Advantage (ELSS) Fund. An Equity Linked Savings Scheme (ELSS), with a 3 year lock in, that enables investors to avail of a deduction from total income, as permitted under the Income Tax Act, 1961.
Is there a penalty for withdrawing from an ELSS before 3 years?
If you have an ongoing SIP in an ELSS Mutual Fund and require to stop it, you can do that. But, redeeming the existing invested units before three years from the date of investment is not possible in the case of ELSS. Since premature withdrawal is unavailable, there is no penalty levied on the investor.
How do I redeem my ELSS account?
Directly through AMC If you have invested in a mutual fund directly with the asset management company (AMC), then you can redeem using their online portal. You can choose to sell some units or all, as per your requirement. One can also redeem units offline by visiting the AMC office.
Is Quant tax plan is good?
Quant Tax Plan (Growth) is a good choice within tax saving mutual funds. Tax saving funds provides inflation beating growth over the long term and is suitable for investment objectives with duration of 10-15 years or longer (minimum 5 years).
What is ELSS fund?
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.
What happens if you don’t withdraw ELSS after 3 years?
Due to this mandatory lock-in of 3 years, you can only redeem your ELSS investments either partially or in full after the completion of the lock-in period. If you have made your ELSS Mutual Fund investment via the lump sum route, i.e., at one go, all your units will be allotted on the same day.
Can I redeem mutual fund anytime?
The redemption can be done on any business day through a convenient method. Mutual fund redemption should be done in a smart way to ensure that you get good returns. One should take note that the prices of mutual fund units are fixed only once a day.
How do I redeem my ELSS after 3 years?
If you have made your ELSS Mutual Fund investment via the lump sum route, i.e., at one go, all your units will be allotted on the same day. And therefore, once the 3 year lock-in period is over, you can redeem your entire ELSS investment in one go.