ELSS in current FY ITR Return

If you've invested in an ELSS mutual fund during the current financial year, you can claim this investment as a deduction under Section 80C of the Income Tax Act. This applies to fresh investments made now. When you eventually redeem your ELSS units, any profit or loss will be treated as long-term capital gains from an equity mutual fund. If you continue with the old tax regime in future years, you can still claim ELSS deductions.