Can I save tax if invested in mutual fund ? Nissar, 07 Nov 2012

I want to know how can i save tax when invested in mutual fund ?Are ther any special funds to save tax?

Fintotal Answer

You can reduce your taxable income by maximum Rs 1 lac by investing in special funds called as Equity Linked Savings Scheme (ELSS) under section 80c. Rs 1 lac cap is the overall cap for all 80c benefits such as PPF, NSC etc. Most mutual fund companies have at least 1 ELSS. They may have suffixes such as Tax Saver Fund or Tax Saving Fund. For recommended funds refer to Ready Reckoner.

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