An individual wants to invest Rs. 1,50,000 u/s 80 (C), for availing tax exemption. But, he does not want to invest the whole amount in one place.
So, Can he invest as follows ? - RS. 50,000 in any one ELSS scheme of any mutual fund, - Rs. 50,000 in any other ELSS scheme of any other Mutual Fund, - And Rs. 50,000 in PPF account in any bank ?
OR, Can he distribute Rs. 1,50,000 in three parts like –
- Rs.50,000 in ELSS , Rs. 50,000 in PPF and Rs. 50,000 in 5 Years’ bank F.D, for availing sec. 80(C) exemption ?
I mean, is there any restriction or not, that one can invest whole amt. in any one type of tax-saving instrument from above ?
CAclubindia
