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Tax Savings (ELSS) - u/s 80C
Equity-Linked Savings Schemes (ELSS) are a popular investment option under Section 80C of the Income Tax Act, offering dual benefits of wealth creation and tax savings. With a mandatory lock-in period of 3 years, ELSS helps you grow your wealth while reducing your taxable income.
What is ELSS?
ELSS is a type of mutual fund that primarily invests in equity and equity-related instruments. It is an excellent choice for individuals looking to combine tax benefits with the potential for higher returns. The lock-in period ensures disciplined investing, making it a preferred option for long-term financial growth.
Key Features of ELSS
- Tax Benefits: Investments up to ₹1.5 lakh are eligible for deduction under Section 80C.
- Lock-in Period: ELSS funds have a lock-in period of 3 years, the shortest among tax-saving instruments.
- Higher Returns: As an equity-focused fund, ELSS has the potential to offer higher returns compared to traditional tax-saving instruments.
- Flexibility: Investors can start with a SIP (Systematic Investment Plan) or make lump-sum investments.
Benefits of Investing in ELSS
- Tax Savings: Reduce your taxable income while building wealth over time.
- Wealth Creation: Benefit from the potential of equity markets for long-term growth.
- Portfolio Diversification: ELSS funds invest in a mix of sectors and industries, ensuring diversification.
Who Should Invest in ELSS?
ELSS is suitable for individuals looking for tax-saving options with higher growth potential and a moderate risk appetite. It is ideal for young professionals and seasoned investors who want to achieve financial goals like retirement planning, buying a home, or children's education.
How to Start Investing in ELSS?
- Choose a trusted financial advisor.
- Identify ELSS funds that align with your financial goals and risk tolerance.
- Decide on your investment amount and mode (SIP or lump sum).
- Complete your KYC process to enable investments.
- Start your ELSS investment and track its performance periodically.
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