Can I invest in same mutual fund again?
Yes, you most certainly can. Mutual fund houses allow you to invest in mutual fund schemes whichever way you like. So, if you have an ongoing SIP with a mutual fund house in say scheme A, you can definitely add more amount as lump sum in the same scheme.
Can we invest one time in ELSS?
Investment in ELSS can be made in 2 different ways; one can invest a lump sum amount all at once or follow a systematic investment plan (SIP) to grow their investment portfolio.
Can you keep adding money to a mutual fund?
Investing in mutual funds is so flexible that you can invest monthly or a lumpsum as and when the money is available. You can set a monthly SIP where a fixed amount is invested every month on a particular date. Even if you do not invest any month, your earlier investments won’t be impacted.
How do I put money into my existing mutual fund?
“If you want to increase your contribution, it can be done through the same medium with which the original SIP was started or you can start a fresh SIP for an additional amount,” said Vijay Kuppa, co-founder, Orowealth. You can use the step-up SIP feature to increase your contribution.
Can ELSS be lump sum?
ELSS Funds A three-year lock-in is required for ELSS or tax-saving funds. With a lump-sum payment, your investment is unlocked all at once three years after purchase. For example, if you deposit Rs. 1.5 lakh in an ELSS on March 31, 2019, your money will be invested until March 31, 2022.
What happens if I stop ELSS before 3 years?
Can ELSS be Withdrawn Within 3 years? The simple answer to this question is No. ELSS investments do not provide the option to withdraw the investment amount before the end of the 3-year lock-in period. In ELSS, investors are given fund units against their invested amount.
Can I stop paying ELSS before 3 years?
An ELSS investment has a lock-in period of just 3 years, which means that you can withdraw your funds from the scheme after the three year term of your investment is completed.
What is the lock-in period of ELSS mutual funds?
ELSS Mutual Funds have a lock-in period of 3 years. What is the maximum tax benefit that can be availed by investing in ELSS every year? Under section 80C, one can avail tax benefit of upto ₹46,800 by investing upto ₹1.5 lakhs per year in ELSS.
When is the best time to invest in ELSS?
Investments in ELSS can be made at any time during the year. Most often, however, ELSS investments see a spike in popularity just before the tax filing season, as Indians scramble to reduce their tax liability by any means possible. Tax saving mutual funds get very popular around this time.
How can I maximise returns from my ELSS funds?
However to maximise returns from ELSS funds, it is recommended to keep your investments intact for the maximum duration possible. If you have an ELSS SIP (Systematic Investment Plan), each instalment has a lock-in period of three years, which means each of your instalments will have a different maturity date.
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.