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Notified UTI MF

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(Querist)
21 March 2010 Is there any Lock-in period for investment in notified UTI MF to claim deduction in Chapter VIA?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 March 2010 Section 80C(2)(xiii) takes about deduction of amounts invested in mutual funds. Similarly restrictions are prescribed in section 80 C(5) for non deduction which is silent about MF contributions covered in the section referred above. However, to my understanding, most of the MF's who offers units eligible for chapter V1A deduction has a lock in period of three years. To conclude,as you know, the investor has to obey the MF rules ,if he/she invests in their scheme,so as to obtain chapter V1A deduction.
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Rahul Gupta

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Rahul Gupta (Expert)
22 March 2010 YES..Generally there is a lock in period of 3 years for units which are eligible for deduction under chapter VIA.
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