Like every other tax-saving instrument with lock-ins, the equity-linked saving scheme (ELSS) also comes with a three year lock-in -the minimum among all tax-saving instruments. But the lock-in factor brings in an added advantage the fund manager is less concerned about outflows from the fund and can concentrate on investing. In comparison, in regular open-ended funds, the fund manager has to be careful about inflows as well as outflows since investors, at any point of time, can seek redemptions.
ELSS also comes with dividend as well as growth options. Financial planners and advisers say that settling for growth, if you are a long-term investor, is the better option. However, like in most other mutual fund schemes, a recent change in rules has done away with the dividend reinvestment option in these funds.
This was mainly due to some technicalities related to taxation rules. Financial planners and advisers say that investors going in for the dividend option mostly do not re-invest their dividend in the same fund as fresh investments and, hence, miss out on a chance to create wealth in the long run. So, opting for the growth option in ELSS is always the better way to invest in these fundsBest Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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