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Are you investing in ELSS to save taxes?
Published On , 19 Dec 2016 By ET Wealth
Equity Linked Savings Schemes (ELSS) are a special category of Equity mutual fund. Investments in these funds are allowed by the government for Tax Saving purpose under section 80C of the Income Tax Act. To continue to enjoy this special status these schemes have to invest at least 65% of the corpus in stocks. To claim tax benefits investors in ELSS need to stay invested for at least three years. Financial planners say that the motivation to invest in ELSS should be to grow wealth while Tax Saving should come after that.
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