Is SIP deductible U/s 80C ?
This query is : Resolved
22 July 2009
Whether Investment made in SIP is deductible or not as per Section 80C of Income tax Act ?
23 July 2009
All mutual funds investments are not eligible for tax benefits. Only investments in equity-linked saving schemes (ELSS) and pension plans get deduction under Section 80C within the overall limit of Rs 1 lakh a year. Any investment in these funds during the financial year−as lump sum or in instalments−will get tax benefits under Section 80C. ELSS funds are also known as tax plans and have a three-year lock-in period. If your intention is to save tax, it is better to check beforehand whether the fund you are investing in offers you tax deduction or not.
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