Tax Saving Mutual Funds 2014 - 2015

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Tax Saving Mutual Funds

 

Tax saving mutual funds are not included in the draft DTC under 80C section eligibility. But DTC has not taken effect still and we do not know when it will. So we do not know how long the deduction eligibility will continue. Anybody looking to save tax must make use of these ELSS funds. The returns on investments made now will be available even after DTC takes effect.

Tip #5: You do not need to have a Demat account to invest in ELSS schemes. You can directly approach the fund house and apply. Once you get the folio number ,you can start an SIP method.

Tip #6: Be disciplined. Better make an ECS mandate so that you will be debited automatically ever month.

 Tip #7: Do not withdraw from tax saving mutual funds before 3 years or better 5 years. We mentioned already that ELSS have a 3 year lock-in period. Equity tends to work in longer term.

 Tip #8: Just because ELSS have only three years lock in period it does not mean you must invest only for 3 years. They are open ended and can be continued for longer than 10 years.

 

Also tax saving mutual funds managers tend to be a bit conservative than thematic/diversified equity funds. So it directly reduces the risk little compared to diversified funds (Note: With lower risk, returns of ELSS schemes also tend to be lower than diversified funds

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