How do you create an ELSS account?

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How do you create an ELSS account?

Step 3: Invest in ELSS online

  1. Go to create an account.
  2. Fill in all the required details in personal profile and FATCA form.
  3. Fill in bank details.
  4. Upload a cancel cheque.
  5. YES you have successfully opened an account and now you are ready to invest.

How can I buy ELSS directly?

You can invest in ELSS the same way that you invest in any Mutual Fund. The easiest way is through an Online Investment Services Account. You can invest either as a lump sum or via the SIP (systematic investment plan) route.

How much tax deduction is allowed under ELSS?

ELSS funds qualify for tax exemptions under Section 80C of the Income Tax Act. Deductions of up to Rs. 1.5 lakh can be availed on the amount invested on ELSS funds.

What are ELSS funds and how do they work?

Equity Linked Saving Schemes (ELSS), popularly known as tax saving mutual funds, are equity-oriented mutual funds. As per the SEBI regulations, ELSS funds have to invest at least 80\% of their corpus in equity or equity related instruments. These funds come with a lock in period of 3 years and qualify for tax deduction under Section 80C.

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Should I invest in SIP or ELSS funds?

While investing in ELSS funds SIP is always recommended because you will not be burdened with investing all amounts at once. I0074 will also give you benefit of rupee cost averaging. We appreciate that an investment of Rs.1,50,000 p. a. would help investors save a substantial amount on taxes every year.

Which is the best ELSS fund in India 2021?

Table of Best ELSS Funds for 2021: Fund Name Returns (\%) Returns (\%) Returns (\%) Returns (\%) Fund Name 1 year 3 year 5 year 10 year Axis Long Term Equity 53.46 15.49 16.84 18.22 Mirae Asset Tax Saver 68.86 20.37 21.84 — Invesco India Tax Plan 55.08 13.99 16.01 15.57

How much can I invest in ELSS under Section 80C?

Under section 80C, one can avail tax benefit of upto ₹46,800 by investing upto ₹1.5 lakhs per year in ELSS. You can also invest more than ₹1.5 lakhs in ELSS, but tax benefit can not be availed on the investment exceeding ₹1.5 lacs.

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