Equity mutual funds (MFs) are increasingly becoming the first and the right choice for several investors looking to save for their long-term financial needs.
Most investors are also diversifying across themes, sectors and market caps while investing in MFs. And, when it comes to investing for long term, there is a category of MF that also help in saving taxes. Its the equity-linked savings scheme (ELSS), a mutual fund scheme that comes with a lock-in period of three years and helps you save tax under section 80C of the income Tax Act.
With the tax saving season nearing its end for this financial year (FY 2018-19), several taxpayers zero-in on the ELSS, owing to its shorter lock-in and its potential for high returns compared to most other tax savers which have either longer tenure or are debt-oriented. ELSS is a type of mutual fund, which similar to any diversified equity mutual fund routes investments into the equity market.
Why to invest in ELSS:
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