Investing in these funds can help them become eligible for tax deductions under Section 80C.
Who doesn’t want to save tax to help build a fortune in the long run? People find various schemes to do so and achieve their long-term financial goals. One of the best ways to save tax is the ELSS mutual funds. ELSS funds are equity funds that allow a person to save tax while investing. Investing in these funds can help them become eligible for tax deductions under Section 80C.
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ELSS funds are diversified equity funds that invest in stocks of listed companies in a specific proportion to the investment objective. The stocks are chosen from large, mid, and small caps and industry sectors.
ELSS funds are best for salaried individuals and first-time investors. Some of the best ELSS funds that have given returns between 28 to 46 per cent in the last three years are:
Investments in Quant Tax Plan schemes have given returns of 46.61 per cent to the investors over three years. While this number is for those who chose the direct plan, the regular plan investors enjoyed returns of 43.92 per cent. The scheme tracks the Nifty 500 Total Return Index.
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Parag Parikh Tax Saver Fund’s direct plan gave returns of 33.81 per cent and the regular plan gave returns of up to 32.11 per cent to investors in the last three years. This fund also tracks the Nifty 500 Total Return Index.
PGIM India ELSS Tax Saver Fund is also included in the ELSS Funds giving hefty returns. The direct plan of this scheme has given returns of 30.01 per cent while the regular plan has given a profit of 28.34 per cent in three years.
People who have invested money in the Bank of India Tax Advantage Fund have also made a fortune in three years. The direct plan has given 29.01% returns while the regular plan has given 27.60% returns during this period.
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The direct plan of Mahindra Manulife ELSS Fund has given 29.49% returns in three years. The regular plan of this scheme has given a whopping profit of 27.32 per cent to the investors in three years. The scheme tracks the Nifty 500 Total Return Index.
