Can I save tax if invested in a mutual fund and withdraw the amount within a year?

You can save tax by reducing your taxable income by up to Rs 1 lakh if invested in tax saving mutual funds under Equity Linked Saving Scheme. They have a lock-in period of 3 years. Read more on these funds at http://www.knowledge.fintotal.com/All-You-Need-to-Know-About-ELSS/414


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