An ELSS fund (equity-linked savings scheme) has an asset allocation that forms as 65% invested in equity and equity-linked securities, with some exposure to fixed-income securities as well. Unlike other mutual fund schemes, this scheme has a lock-in period of 3 years.
It is the only type of mutual fund eligible for tax deductions under provisions of Section 80C of the Income Tax Act, 1961. Here, you can claim a tax rebate of up to Rs. 1,50,000 and save up to Rs. 46,800 in a year through taxes alone.
Community Manager.