Mutual fund 80c

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ABDUL VAJEED (Querist)
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12 October 2011 Hi All

Will any investment in mutual fund can be claimed u/s 80 c or there is any condition?

My freind invests every month Rs 2000/- in bajaj mutual fund , its eqiuty based , so can i claim 24000/- as 80 C ?

RAJ GUPTA

RAJ GUPTA (Expert)
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13 October 2011 Sec 80C:

Deductions are only available for specfic kind of mutual fund, ie ELSS (Equity Linked Saving Scheme). Such units are issued under three scheme ELSS- 1992; ELSS- 1992 as modified in 1998 and ELSS- 2005.
Only ELSS scheme mentioned above are eligible for getting deductions under Sec 80C.
These are also known as tax saving mutual funds.

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