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What is an ELSS scheme?

April 26, 2017elss Scheme

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What is an ELSS scheme?

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An Equity Linked Savings Scheme ( ELSS ), is a mutual fund scheme that invests in equity & equity related securities. It has a lock in period of 3 years. Therefore investments made in the scheme cannot be redeemed for a period of 3 years. Investments in an ELSS scheme are eligible for a deduction under section 80C of the Income Tax Act, 1961. Quantum Tax Saving Fund is an open ended equity linked savings scheme.