Dear All,
Which mutual funds are considered as investment in section 80C.
All types of mutual funds or only ELSS is considered as investment in section 80C.
Kindly reply in urgent.
Thanks & Regards,
7 Replies
Rahul Sharma
(Self employed)
(183 Points)
Replied 04 December 2015
Only ELSS shall be considered not all mutual fund so the investments that you make in ELSS are eligible for deduction under Sec 80C.
Nikhil Kaushik
(Fellow CA)
(85748 Points)
Replied 05 December 2015
actually equity oriented schemes are covered under 80ccg wef AY 2014-15
sagar
(mathura)
(214 Points)
Replied 05 December 2015
Mostly close ended mutual funds are eligible for deduction under 80c
At the time of investment mutual funds itself declare that this investment is eligible as deduction or not.
Ketan Kapoor
(Audit)
(124 Points)
Replied 05 December 2015
Only ELSS are eligible for deductions under section 80C of the income tax act. For your information, I am sharing some details about ELSS that would help to achieve clarity in the above mentioned topic.
Equity linked savings schemes (ELSS) are mutual funds that help you gain the twin advantage of earning equity-linked returns with the additional benefit of saving tax under section 80C of the Income Tax Act 1961. ELSS have a lock-in period of 3 years, which encourages long term investing among investors and gives ample time for the fund manager to manage a portfolio of stocks that can outperform over a period of time.
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