Exemption u/s 80(c), for investment in 2 or more elss

Save Share

This query is : Resolved

rl334709 (Querist)
Follow

23 March 2019 An individual wants to invest Rs. 1,50,000 under sec. 80(C), in any Mutual Fund Company's ELSS scheme,
to reduce his tax liability.

But, Is it compulsory to invest the whole amount of Rs.1,50,000 in any one ELSS scheme only ?
I mean,
Cannot he divide the total investment amount between 2 or 3 Mutual Fund Companies ?

He does not want to keep all the investment in one ELSS scheme.

So, if he distributes his total investment of Rs. 1,50,000
Into 3 different ELSS schemes of 3 different Mutual Fund companies, (each Rs. 50,000)
OR
into 2 ELSS schemes of 2 different Mutual Fund companies (each Rs.75,000),

then,
will he be eligible for getting the full deduction of Total Amount (Rs.1,50,000), under sec.80 (C) ?

Please, guide.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

24 March 2019 You are free to choose the investment options

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

24 March 2019 Saving Schemes (ELSS) Fund is a tax saving mutual fund. ELSS funds qualify for tax exemptions under section (u/s) 80C you can invest upto 150000/- any number of mutual funds

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now