In my previous post shared about mutual fund , advantages and disadvantages of mutual fund. Today I will be discussing regarding Equity linked savings Scheme, in short form ELSS which comes under tax benefits under section 80C of the Income Tax Act.
ELSS invest majority of investments into equity and equity related assets and hence it is classified as “Equity” mutual fund. ELSS is considered under “high risk,high returns” category of investments.
-You can invest the lump-sum amount.
-Your amount will be locked for 3 years.
-After 3 years, you can withdraw the entire accumulated amount or you can leave the as it is and let it grow for as long as you wish.
-Minimum investment is Rs-500/-
-There is no higher limit on maximum investment amount(Note that tax deduction is available up to Rs-1.5Lakhs in a financial year).
SIP on ELSS:
Similar to other mutual funds ELSS also offers SIP option.But,please make a note that every installment of SIP will get locked for 3 years. For Example :Amount invested on July 2017 will be matured July 2020, Amount in vested on August 2017 will be matured on 2020 and so on.
To invest in Mutual fund please dial in below number or drop me a mail :
Cell number: (+91)-9051732839, (+91)-8013774767(Whatsapp)