Mutual fund 80c
This query is : Resolved
ABDUL VAJEED
(Querist)
12 October 2011
Hi All
Will any investment in mutual fund can be claimed u/s 80 c or there is any condition?
My freind invests every month Rs 2000/- in bajaj mutual fund , its eqiuty based , so can i claim 24000/- as 80 C ?
Will any investment in mutual fund can be claimed u/s 80 c or there is any condition?
My freind invests every month Rs 2000/- in bajaj mutual fund , its eqiuty based , so can i claim 24000/- as 80 C ?
13 October 2011
Sec 80C:
Deductions are only available for specfic kind of mutual fund, ie ELSS (Equity Linked Saving Scheme). Such units are issued under three scheme ELSS- 1992; ELSS- 1992 as modified in 1998 and ELSS- 2005.
Only ELSS scheme mentioned above are eligible for getting deductions under Sec 80C.
These are also known as tax saving mutual funds.
Deductions are only available for specfic kind of mutual fund, ie ELSS (Equity Linked Saving Scheme). Such units are issued under three scheme ELSS- 1992; ELSS- 1992 as modified in 1998 and ELSS- 2005.
Only ELSS scheme mentioned above are eligible for getting deductions under Sec 80C.
These are also known as tax saving mutual funds.
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