Jun 7, 2000|
ELSS funds are a good bet
Equity-linked savings scheme (ELSS) have been riding the recent rally in the stock markets like other growth funds. Investors looking out for some tax efficiency in their investments could look at ELSS schemes.
Equity-linked savings schemes are eligible for 20% rebate under section 88 of the Income Tax Act. This means that if an investor has invested Rs 10,000 in an ELSS, he is eligible for a rebate of Rs 2,000 on his taxable income. (However, tax on capital gains will apply nevertheless). Earlier ELSS were close-ended, which did not allow investors in these schemes an exit option till the maturity of the scheme. However, now ELSS are open-ended, but investors have to remain invested with the scheme for a lock-in period of 3 years.
|Birla Equity Plan
|Tata Tax Savings
|Birla Tax Plan '98
|Alliance Cap. Tax 1996
|Pru ICICI Tax (Gr)
|UTI Equity Tax Savings
|Sundaram Tax Saver (Open)
|K P Tax Shield (Gr)
|Zurich(I) Tax Saver
With the exception of Magnum Taxgain and Canpep ĺ93, all ELSS with a minimum 12-month history have given returns in excess of 100% over the last 12 months. Over the last week, only 3 of them (Sundaram Tax Saver, KP Taxshield, Zurich Tax Saver) have given returns below 10%. Over the last month, when most growth and IT funds fell significantly, no ELSS has fallen by over 10%.
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