Financial Tools

Save Tax with ELSS

Save Tax with ELSS

ELSS or Equity Linked Savings Scheme, a type of mutual fund scheme, is a very popular tax saving product eligible for deduction from u/s 80C of the IT Act. For FY 2023-24 you can claim deduction upto Rs. 1.5 Lakh of investments in ELSS though there is no upper limit in how much you can invest. Under section 80C, ELSS is the only product that offers equity exposure with potential for attractive long term returns and with the least lock-in period of only 3 years. Further more, there is no long term (>1 year) capital gains in all mutual fund equity schemes making ELSS more attractive. You can either make a lumpsum investment or do a monthly SIP or do both in an ELSS.

This tool can help you know the amount of Tax savings that you can do by investing in ELSS.
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