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Tax saving mutual funds also known as Equity Linked Savings Schemes (ELSS) are one of the popular instruments as they come under 80C of Income Tax act along with capital appreciation.
Tax saving mutual funds features:
- These set of instruments have a 3-year lock-in and since money is invested also in stocks, chances of getting higher returns is always possible. Also, the long term duration will be a added benefit.
- Investments are not withdrawn and therefore capital gains tax is also not applicable to ELSS funds. Incase you withdraw, you don't have to pay any tax on long term capital gains from equity mutual funds
- As these mutual funds are equity linked funds and therefore these are risky funds. In order to choose the right fund you have to track the past track record as well as consider NAV of the funds.
- One can choose among three categories- Growth, Dividend and Reinvestment.
- Unlike other tax saving schemes like PPF and Bank tax saving deposits, these schemes cannot guarantee assured returns.
Here are list of best tax saving mutual fund based on the previous one year performance. One can consider for lump sum or SIP also.
Axis Long Term Equity Fund - Growth
The Fund has generated a return of more than 34 per cent in the last one year. The Net Asset Value of the fund is around Rs 30.22. The portfolio of the fund comprises some good quality names making the fund a good long-term bet.
Religare Invesco Tax Plan
Religare Invesco Tax Plan(G) is yet another super performer in its category. The fund has been performing well with returns and 30.4 per cent in the last one. Again, a good investment best for those seeking steady returns from ELSS.
Birla Sun Life Tax Relief
Birla Sun Life Tax Relief is another best performing in this category with 32.1 per cent returns in first year. The Net Asset Value of the fund is Rs 21.00.
Investors with a long term horizon can opt for this one.
Franklin India Taxshield Fund
This fund has generated a return of 24.7 per cent in the last one year. The Net Asset Value of the fund is around Rs 418.
Reliance Tax Saver (ELSS) G
One of the best in this category with 24 per cent returns in last year. The scheme is ranked 2 in ELSS category by Crisil. The Net Asset Value of the fund is Rs 35.04
Conclusion
These tax saving mutual funds have top ranking from CRISIL. Returns of the funds vary with the performance of the each fund. Returns are mentioned considering previous day NAV.
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