Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

ELSS 80C

Satish Kumar (185 Points)

08 January 2018

what is ELSS under deduction 80c

Reply
Follow
Share

12 Replies

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 08 January 2018

ELSS fund (Equity Linked Savings Scheme), i.e., a mutual fund scheme, where tax deduction of up to Rs. 1.5 lakh (per financial year) under Section 80C

Upgrade to CAclubindia Pro. Subscribe Now!

Satish Kumar (185 Points)
Replied 08 January 2018

sir ELSS and SIP are same thing or different

Satish Kumar (185 Points)
Replied 08 January 2018

because SIP is a type of mutual fund

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 08 January 2018

WE CAN SAY , ELSS IS A PART OF SIP AS . . .

Only investments in Equity Linked Savings Schemes (ELSSs) or tax saving mutual fund schemes qualify for a tax deduction under Section 80C of the Income Tax Act. ... Investments in ELSS qualify for a tax deduction of up to R1.5 lakh under Section80C.

Manisha Agrawal (Chartered Accountant) (30 Points)
Replied 08 January 2018

ELSS is equity linked savings scheme. It's one of the offering from mutual fund arena.ELSS allows for investment via SIP mode. The minimum lock in period for each investment is 3yrs.ELSS provides tax savings on the amount invested.The redemption amount will be tax free in as the minimum holding period is three year.
Deduction under 80C can be claimed for ELSS invested amount, subject to maximum deduction of Rs.150000 under sec 80C.