Are all ELSS funds tax saving?
ELSS mutual funds are the only Section 80C investment option which has the potential to offer inflation-beating returns. This is what makes ELSS to stand out among all tax-saving investment options.
What proof should I submit for ELSS?
Investment Proof: Simply submit a copy of your FD receipt or print out your FD receipt/statement from your bank website (net banking). Insurance Policy: Life Insurance Premiums are tax-deductible up to Rs 1.5 lakh per annum under Section 80C.
How do I get ELSS investment proof from ET money?
Apps to invest in ELSS….How to download ELSS statements from ETMONEY App?
- touch on three lines on the top left (on your initials)
- touch on the option “Save Tax”
- touch on the button “Get Proofs” on the top.
- Select the Financial Year for which you want the statement.
- and you can download the statement for:
What is the tax benefit in investing in ELSS?
Benefits of Investing in ELSS. Since Equity Linked Savings Scheme is essentially an equity scheme,it has the potential to deliver exponential returns in the long run.
Should you invest in ELSS mutual funds to save tax?
Equity Linked Savings Scheme or ELSS Mutual Funds are also known as tax saving Mutual funds. As the name suggests, they are one of the best investment options for you to save tax. They provide you with the duel benefit of saving tax as well as capital appreciation.
Is ELSS return still tax-free?
ELSS or tax saving mutual funds qualify for tax deduction under Section 80C of the Income Tax Act. One can invest in ELSSs and claim a maximum tax deduction of up to Rs 1.5 lakh in a financial year. However, many investors were attracted to ELSS mainly because the returns from them were tax-free after the lock-in period of three years.
Is the dividend from ELSS taxable?
On the other hand, in a dividend scheme, investors get a regular dividend income, whenever dividend is declared by the fund, even during the lock-in period. For tax purposes, returns from an ELSS scheme are tax free.