Can I Invest More Than 1.5 Lakhs In ELSS?

Can I invest in multiple ELSS?

“Generally, the answer is simple.

Since you can save only up to Rs 1.5 lakh in a year, one scheme is fine,” says P Srinivasan, Founder of Ace Financial Advisories.

Many mutual fund advisors second the opinion.

They believe that investors should not invest in more than two ELSS funds in a year..

What business can I start with 2 lakhs?

Business Ideas Under 2 LakhStart a Car Driving School. Starting a car driving school is profitable and always in demand business. … E-Rickshaw business (Battery Rickshaw) … Start a Fast Food Restaurant. … Tea / Coffee Stall. … Bakery Shop. … Selling Mobile Phone Accessories Online. … Jute Bags Business. … Start Seasonal Business.More items…•

How can I save tax on 20 lakhs?

Tax DeductionsSection 80C Exemption – 1,50,000.NPS 80CCD(1B) Tax Exemption – 50,000.Medical Insurance (Self & Parents) – 60,000.Interest on Education Loan – 50,000.

How much can one invest in ELSS?

One can invest in ELSS up to maximum limit of Rs. 1,50,000 per year. As a diversified mutual fund scheme, the maximum amount of money is invested in equity oriented instruments. The equity linked savings schemes comes with a lock-in period of 3 years.

Is ELSS better than PPF?

PPF is suited for individuals who are absolutely risk-averse and can afford a 15-year lock-in period. Whereas those investors who are willing to take a moderate risk to earn higher returns can opt for ELSS. The best way to reduce risk in ELSS to its minimum is by staying invested for the long term.

Is ELSS safe investment?

ELSS funds are essentially diversified equity funds and carry similar risk as equity funds as they both invest in the equity markets. But in addition to the implied equity risk component, ELSS funds have a three year lock-in period after investment during which the money from the fund cannot be taken out.

How can I make 10 lakhs in 5 years?

To create a corpus of Rs 10 lakh in five years, with a monthly investment of Rs 11,000, you need to invest in those schemes that generate 17 per cent returns on a compounding basis. While historically, equity schemes have delivered 17 per cent returns over the last five years, it is safe to lower the expectations.

Can I save tax more than 1.5 lakh?

The most popular avenue for tax-saving is section 80C of the Income Tax Act. Under Section 80C, an amount equal to the investment you make in specified instruments or expenses, up to a maximum of Rs 1.5 lakh in a financial year, reduces your gross total income (GTI) by the same amount.

Which PPF is best?

SBI PPF Account. SBI PPF is a government-regulated PPF account scheme, which is distributed through SBI branches.SBI PPF deposits allow a maximum limit of 1.50 Lakh per annum, for a maximum tenure of 15 years. … ICICI PPF Account. … HDFC Bank PPF Account. … India Post Office PPF Account.

Is it good time to invest in ELSS?

You should invest in equity schemes, including ELSS funds, only if you have an investment horizon of five to seven years. It is extremely important in the current uncertain environment. It is not very smart to take high risk when you are investing with a horizon of three to five years.

What is the 80c limit for 2020 21?

The maximum deductions available under a few sections are as follows: Section 80C to 80CCC: ₹ 1,50,000. Section 80CCD: ₹ 50,000. Section 80D: ₹ 30,000 for self, spouse and children, ₹30,000 for parents, ₹50,000 for senior citizens.

Where can I invest 1.5 lakhs?

5 Best Investment Plans in India 2020 Between Rs 1 – 2 LakhsPublic Provident Fund. The Public Provident Fund or PPF is a kind of investment tool which helps individuals to save their hard-earned money for over 15 years. … National Savings Certificates (VIII Issue) Account. … Fixed Deposits in Banks. … Mutual Funds. … National Savings Time Deposit Account.

Is ELSS taxable after 3 years?

The Long-Term Capital Gains on ELSS are tax-exempt up to Rs 1 lakh, and dividend received is tax-free in the hands of investors. You can continue to invest in this scheme even after the completion of the lock-in period of three years.

Which is the best ELSS to invest in 2020?

6. Top 10 Best ELSS Mutual Funds in 2020Fund Name5-Year ReturnsLinkUTI Long Term Equity Fund – Regular Plan – Growth5.17%Invest NowICICI Prudential Long Term Equity Fund (Tax Saving) Growth5.06%Invest NowEdelweiss Long Term Equity Growth3.85%Invest NowSBI Magnum Long Term Equity Scheme Regular Growth3.79%Invest Now6 more rows•Oct 30, 2020

Is ELSS a multicap?

Tax Saving: ELSS allows its investors to save income tax under section 80C. But other typical multi-cap funds do not have this benefit….5. Comparison: ELSS vs Multi Cap Funds.DescriptionELSSMulti-Cap– Debt< 5%< 5%– Large CapYesYes– Mid CapYesYes– Small CapYesYes8 more rows

How can I make 1 lac in a month?

For trading business, you need to have your Demat &Trading Account. This is one of the Best method out of 11 Best & Real Ways to Earn 1 Lakhs Per Month Online. Online Selling is the best and simplest method to earn money online. I am sure you all must be aware of Online Selling, If not, I will let you know the same.

Can I invest more than 1.5 lakhs in 80c?

Although there is no restriction on the amount one can invest in it, investments up to Rs 1.5 lakh in a financial year is exempt under section 80C of the Income Tax Act.

Is ELSS tax free?

Better post-tax returns: Except PPF and NPS, ELSS offers better post-tax returns than other 80C investments because long term capital gains of up to Rs. 1 lakh a year from ELSS mutual funds are exempt from income tax and long-term capital gains above Rs. 1 lakh are taxed at 10%.