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Whenever the tax season approaches, have you often been suggested to invest in ELSS to save money on taxes? What exactly is ELSS? It is a type of mutual fund that invests primarily in equity and comes with a lock in period of 3 years. ELSS has the shortest lock in period amongst all other tax saving instruments i.e., 3 years. It offers investors dual benefits of tax saving as well as capital appreciation. ELSS is managed by professional fund managers who invest in stocks after extensive research and analysis. Hence it is best recommended for investors who want to save taxes but do not have time to research and invest.

Also Read: 6 Benefits Of Investing With Top Mutual Funds in India

Myths surrounding ELSS

There are a few myths surrounding ELSS that investors should be aware of:

  1. ELSS investments are risky: 
  2. This is not entirely true. While ELSS investments are linked to equity markets and thus carry a certain amount of risk, they also provide the potential for higher returns over the long term. It is always best to do your research and invest wisely be it the safest investment option in the world.

  3. ELSS is only for tax-saving purposes: 
  4. While ELSS is a popular tax-saving investment; it is also a good option for long-term wealth creation. Investors can continue to hold their ELSS investments even after the lock-in period have ended, allowing for potential long-term gains.

  5. ELSS is only for experienced investors: 
  6. This is a common misconception. ELSS is suitable for both new and experienced investors, as long as they understand the risks and potential returns associated with equity investments. It is always important to seek advice from a financial advisor before investing.

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FAQs – Frequently Asked Questions


  • Can ELSS be redeemed after the lock-in period ?

    Yes, ELSS units can be redeemed after the mandatory lock-in period of three years. Investors can choose to redeem their units partially or fully as per their requirement.

  • Can the benefit of saving tax on ELSS be taken for each of the 3 years or only in the year of investment ?

    The benefit of saving tax on ELSS can only be taken in the year of investment. ELSS investments qualify for tax deductions under Section 80C of the Income Tax Act, up to a maximum of Rs. 1.5 lakh per financial year. The tax benefit is only available for the fiscal year in which the investment is made and cannot be carried forward or claimed in the subsequent years.

  • Does ELSS guarantee fixed returns ?

    As ELSS involves making investment in the equities which is subject to market risk and hence its performance is directly linked to the performance of the stock market. Therefore, it does not guarantee any fixed returns.
  • How do I incorporate ELSS in my overall financial plan ?

    To incorporate ELSS in your overall financial plan, you can start by setting a financial goal and determining the amount you need to invest in ELSS to achieve that goal. You can then select an ELSS fund that aligns with your investment objective, risk tolerance, and investment horizon. It is important to note that ELSS should not be the only investment in your portfolio and should be complemented by other investment options such as debt funds, equity funds, and fixed deposits to ensure diversification and minimize risk.

  • How does ELSS work ?

    ELSS, or Equity Linked Savings Scheme, invests primarily in equity or equity-related instruments. ELSS is a popular investment option in India, as it offers tax benefits under Section 80C of the Income Tax Act.
    ELSS has a lock-in period of three years, which means that investors cannot redeem their investment before the completion of this period.

    The amount invested in ELSS is deductible from the investor's taxable income, up to a maximum of Rs. 1.5 lakh per year.
  • In what mode can the ELSS investment be made ?

    Investors can choose to invest in either Lumpsum or SIP mode based on their investment objectives, risk appetite, and financial goals.
  • Is it better to invest in ELSS or PPF/NSC ?

    The potential to generate higher returns in case of ELSS is more compared to other tax-saving instruments such as Public Provident Fund (PPF) and National Savings Certificate (NSC). ELSS also helps investors to diversify their portfolio by investing in companies of different sizes and sectors. Over the last decade, ELSS funds have delivered an average annual return of around 12-15%, which is significantly higher than traditional tax-saving instruments such as PPF or NSC.

  • Is there a minimum amount of investment in ELSS ?

    The minimum amount of investment in ELSS is 500 and there is no cap on the maximum amount.it may vary across different schemes.

  • What are the benefits of ELSS in the new tax regime ?

    There are no specific benefits of ELSS in the new tax regime. However, under the old tax regime, investors can claim deduction up to Rs 1, 50,000 under section 80 C of Income tax act, 1961.

  • What is the disadvantage of investing in ELSS ?

    The only disadvantage of ELSS is that it comes with a lock in period of 3 years which means that you cannot withdraw funds any time before that.

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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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