Do You Know What Equity Linked Savings Schemes (elss) Are?

1.	Do You Know What Equity Linked Savings Schemes (elss) Are?
Answer» EQUITY Linked Savings Schemes (ELSS) are equity funds that provide tax benefits in the form of deductions under section 80 (c) for the amount invested. The limit for claiming deduction is RS. One lakh. ELSS have to hold at least 80% of the investment PORTFOLIO in equity securities INVESTMENTS are subject to a three-year lock-in on the investments made to get the tax benefit.

Answer»

EQUITY Linked Savings Schemes (ELSS) are equity funds that provide tax benefits in the form of deductions under section 80 (c) for the amount invested.
The limit for claiming deduction is RS. One lakh.
ELSS have to hold at least 80% of the investment PORTFOLIO in equity securities
INVESTMENTS are subject to a three-year lock-in on the investments made to get the tax benefit.

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