1 Fixed maturity plans (FMPs) are closed-end funds issued for a specific maturity period, at the end of which units can be redeemed or rolled over.
2 A rollover if offered by a mutual fund, enables investors to stay invested in the FMP for a longer period of time, until the next maturity date.
3 CBDT has clarified that such rollover of FMPs will not attract capital gains tax, as the scheme remains the same.
4 Rollover has become important after the modification of holding period for applicability of long term capital gains tax on FMP was modified from 12 months to 36 months.
5 Investors can choose to exit at NAV depending on their needs and pay applicable tax. Rollover will not be treated as redemption by the taxman.
Best 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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