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ELSS in current FY ITR Return

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Pruthwiraj Deo

25 Points Posted on 10 February 2020

I have some ELSS MF in current FY year .Can I mention that in current FY ITR Return under 80C ?Or Will I have to mention them in ITR return of the redemption year ?

Replies (2)

Quick Summary

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.

anirudh

student

74 Points Posted on 10 February 2020

If you had invest amount under elss scheme in current f.y, you can claim the amount under 80C as a deduction.

Kapadia Pravin

10683 Points Posted on 11 February 2020

If it's fresh investment in ELSS during Current FY then surely it's available as deduction under 80C.

In the redemption year any profi or loss will be treated as LTCG from Equity Mutual Fund Scheme.

From next FY, if you continue with old tax regime that is current one then of course you will get ELSS investment deduction under 80C in future years too.