Wednesday, February 26, 2014
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Indian Real Estate News
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ELSS Tax Saving Muraul Fund Schemes
Equity linked saving schemes (ELSS) from India mutual fund houses are ideal as long term investment avenues for retail investors. Government of India offers a spate of tax benefits to ensure maximum benefits if units are held beyond a year.
One can avail deductions under section 80C of the Income Tax Act by investing up to a maximum of Rs 1,00,000 in ELSS.
However, such investments have a compulsory lock- in period of 3 years. Industry experts rank ELSS among the most preferred tools to save taxes. These funds can generate good returns over a long term. For instance, the average returns from this category of schemes have stood over 15 per cent over the past five years.
But, one needs to take into consideration the fact that though there is a potential of high returns but such investments come with a higher risk as well. Unlike fixed income instruments like PPF or National Saving Certificates (NSE) there is no guarantee that the invested money will generate a positive return after the lock- in period. So, this product is suited for investors who have a deep appetite of taking risks. Last few years have not been good as far money making from stock markets is concerned. But it is equally true that any asset class, including equities, cannot remain forever under stress. Further, there is no tax on gains from equity funds after a year. In nut- shell, this instrument brings investors opportunity of making one of the highest returns across asset classes apart from claiming tax benefits.
Almost all Indian mutual fund houses has this product in their kitty. However, once the Direct Tax Code (DTC) comes into place, ELSS will lose its tax saving status. Talks of DTC have been making rounds for almost half- a- decade now. But it is not yet implemented. Tax payers are advised to keep a watch on when DTC comes into force; as then investments made in ELSS will no longer be considered for tax saving purposes.
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