How much should I invest to get 10000 monthly?
It seems you are talking about investing in a balanced fund and withdraw a fixed amount through SWP, right? If it is so, then to withdraw Rs 10,000 you should invest at least Rs 13.50 Lakhs (assuming withdrawal rate @9\% annual).
Can I invest different amount every month in SIP?
The answer is NO.
Which date is best for SIP?
SIP on 10th of every month works the best compared to other dates. The splitting of dates is a bad option and in fact brings your overall returns down. We suggest that you choose a date that is closer to your salaries. It should not happen that by the time SIP hits your bank account you have insufficient balance.
How to invest in ELSS through an SIP?
Like all other mutual funds, it is easy to invest in ELSS through an SIP. You can start an SIP for an ELSS mutual fund for as low as Rs 500. And like other mutual funds, as and when your income increases you can increase your investment amount through SIP top-up.
What is the maximum amount of money I can invest in ELSS?
ELSS has no upper limit for investment. However the tax benefits will be capped at Rs.1.5 Lakh annually under Section 80C of the Income Tax Act. Investments beyond the said limit will not provide any returns Redemption charges (exit load) are not applicable on ELSS.
How to invest in ELSS in a volatile market?
The best approach to sail the tides of market volatility, is to opt for Systematic Investment Plans (SIPs), a mode investing in mutual fund schemes offered by mutual fund houses. You need not wait till the last quarter of the year to make a lump-sum investment in ELSS.
What is ELSS (equity linked savings scheme)?
Equity Linked Savings Scheme (ELSS) is a type of mutual fund scheme that invests predominantly in the equity market. The fund is known to invest the majority of its block in equity and related funds while offering tax benefits to investors under Section 80C of the Income Tax Act.