What is the minimum amount to invest in ELSS?

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What is the minimum amount to invest in ELSS?

Rs 500
Similarly, as per the Axis Mutual Fund website, the minimum investment amount in their ELSS scheme, Axis Long Term Equity Fund, starts at Rs 500, irrespective of whether it is a lump sum amount, additional investment or SIP.

Is it mandatory to withdraw ELSS after 3 years?

ELSS or Equity Linked Savings Schemes are also known as tax saver Mutual Funds as investors get tax deduction benefits under Section 80C of the Income Tax Act. Due to this mandatory lock-in of 3 years, you can only redeem your ELSS investments either partially or in full after the completion of the lock-in period.

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What should be the minimum percentage of funds required to invest in equity funds?

Equity mutual funds invest at least 60\% of their assets in equity shares of numerous companies in suitable proportions. The asset allocation will be in line with the investment objective. The asset allocation can be made purely in stocks of large-cap, mid-cap, or small-cap companies, depending on the market conditions.

Can I switch ELSS fund before 3 years?

You cannot redeem or switch your ELSS investment before 3 years. This also applies to investments in ELSS funds through systematic investment plans (SIPs). You can only withdraw each installment after three years of lock-in.

How much savings should I have at 35 India?

It said the ideal amount to save by 35 is 2x your income at 35. For instance, if you are earning Rs 10 lakh at 35, your savings by 35 should be at least Rs 20 lakh.

Can I have multiple ELSS account?

You may consider investing in two or three ELSS funds. However, you may avoid investing in multiple ELSS funds as you could struggle to monitor your investment. Your investment in ELSS qualifies for a tax deduction under Section 80C only up to a maximum of Rs 1.5 lakh per annum.

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Can ELSS funds be switched?

The existing investment in ELSS or tax plans can be switched to direct plan after completion of three years. You can however, switch your future SIPs in both the plans immediately to direct plans.

What are the tax benefits of investing in ELSS mutual funds?

Investments in ELSS mutual funds are eligible for tax benefits under section 80C of the Income Tax Act. You can save up to Rs 1.5 lakh per year by investing in ELSS mutual funds. It is worth noting that ELSS mutual funds come with a lock-in period of three years. This period is less than most other investment avenues available under section 80C.

What is the lock-in period of ELSS funds under Section 80C?

Shortest lock-in period: The lock-in period of ELSS funds is just 3 years, the lowest among all tax saving investment options eligible for Section 80C deduction. Among other Section 80C options, NSC has a lock-in period of 5 years whereas in case of tax-saving fixed deposits, the lock-in period is 5 years.

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When is the best time to invest in ELSS?

Investments in ELSS can be made at any time during the year. Most often, however, ELSS investments see a spike in popularity just before the tax filing season, as Indians scramble to reduce their tax liability by any means possible. Tax saving mutual funds get very popular around this time.

Which is the best ELSS fund in India 2021?

Table of Best ELSS Funds for 2021: Fund Name Returns (\%) Returns (\%) Returns (\%) Returns (\%) Fund Name 1 year 3 year 5 year 10 year Axis Long Term Equity 53.46 15.49 16.84 18.22 Mirae Asset Tax Saver 68.86 20.37 21.84 — Invesco India Tax Plan 55.08 13.99 16.01 15.57