investment in mutual fund

NO......... only ELSS funds qualify for sec 80C deduction......

I heard that equity oriented funds with >65% equity get tax exemption. is it not correct?

That is when you redeem/switch out (sell) any equity oriented MF units (having minimum 65% equity allocation).......... the Capital gains were exempted u/s. 10(38) of I T act (but from April 2018, liable to be charged 10% LTCG tax)

so till I sell it can I show under 80c

what is difference of elss, elss fund does not attract capital gain tax?

as subscripttion to any units of any Mutual Fund referred to in clause [23D] of section 10 or from the Administrator or the specified company under any plan formulated in accordance with such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf

above it is said that investment in any mutual fund

Sec. 80C benefit (capped at aggregate of 1.50 lakhs) is available only while investing/purchasing any ELSS (equity funds with specific 80C benefit); with lock in period of 3 years......

All the fund houses have at least one such scheme in their equity fund products. So, any investment made now in any such units will be liable to capital gains tax at 10% while redemption... after 3 years of lock in period.