Legal Advice regarding ELSS investment tax saving


Hi, I want to invest in an ELSS fund and would like to know about specific conditions for income tax exemptions via ELSS. How much of the investment would be tax exempt? For example, if I invest Rs. 60000 in the current financial year, would the entire amount fall under 80C exemption? Also, will the income be valid in case of income above Rs. 12 Lacs?

Answers (2)


264 votes

elss fund is having lock in period of 3 years. Maximum Exemption limits is 150000 under section 80 c of income tax act. Yes that will be valid. U will also get exemption of capital gain tax on benefit/ interest and dividend.
Plz like if u been answered satisfactorily. Regards Manoj Kumar Advocate


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271 votes

As per the income tax act , The 80 C deduction invlude MUTUAL FUND having EQUITY LINKED SAVING SCHEME(ELSS) is eligible for the deduction. You are still eligible for the deduction if your earning is beyond 12 lakhs.

You can avail the whole amount of deduction under 80C upto 150000. Beyound this you can avail deductuon under 80D upto 25000.
Apart from this you can also avail deduction of Rs 50000 more in NPS scheme which is newly introduced.
You can also avail deduction under 80G as well, by circulating the entries. I am duly qualified Mutual fund exam from NISM and provide consultancy in mutual fund. I would suggest you best scheme in ELSS .
Adv Rajul Jain
Karkardoma court
New Delhi

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