What if I invested Rs.12500/- in SIP every month for 5 years and claim deduction u/s 80C during the A.Y
What will be the treatment of the total amount invested in SIP when I redeem all units of Mutual fund after 6 years
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Treatment of Amount invested in SIP for 5 years on maturity
Replies (2)
Section 80C deduction is available only when any amount is invested in ELSS schemes of any MF; whether lump sum or SIP........
The amount invested gets lock-in for 3 years.......... so, you cannot redeem ELSS units within period of 3 years. (unless specific permission obtained from ITO)
So, whatever redemption amount you will get after 6 years will be of the units invested in first 3 years only, which will be totally tax-exempt..
I agree with Mr. Dhirajlal
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