ELSS (Equity Linked Saving Scheme) General Discussions

[pmadhvaraya]

Hi Thank you for this forum. I introduce myself as 3 month old invester. trading in commodities like gold, silver, crude, menthol. Not made good start. Hope to get good advise & hope to earn some money. Bye Bye. madhu.

[Navneet_Joshi123]

Hi,

Would like to clear my doubt with Elss, as i have been told that systematic investment plan in ELSS schemes is tax free.

I know that investment in ELSS is tax free, but in doubt if amt invested in SIP is also tax free or not.

Can anyone please clear my doubt.?

[johnbest]

dear navneet

investing in elss schemes, either as lumpsum or thru sip, both are tax free.
but the sips falling under the financial year will only consider......ie
if you start sip from Jan 07, say 1000 Rs/month, then only 3000 Rs. will get
into tax saving a/c.......

have a nice day
JB

[j2eesrinu]

Originally Posted by amh

I am planning to invest in Hdfc Long Term Advantage Fund and SBI Magnum Tax Gain Scheme 93 through Systematic Investment Route (Monthly). Is anybody has a better scheme or suggestions.

Hi I am also planning to invest in SBI Magnum Tax saver through Systematic Investment, Can I have your experience in that.

[johnbest]

Originally Posted by pnbalaji

Hi,

I don't think you can invest Rs 10,000 into the same account. Instead you need to buy another mutual fund for Rs 10,000 and that will be locked for 3 years (as of now).

One more news:- A week or 10 days back, I saw a news in Hindu where tax rebate on ELSS is going to change. From next year onwards, tax rebates are applicable to only close-ended ELSS funds and the lock-in is going to be 10 years. If that is the case, I may not go for the tax saving ELSS from next year.

Thanks,
Balaji.

Dear pnbalaji

Yes....one can invest into the same account. The only thing one has to do is to mention the previous FOLIO NO. All the Forms contains a column named Existing Folio No in which one can enter the previous folio no. and the purchase in done under the previous folio number.

Now about the lock....the first investment will have a lock-in of 3 yrs from the date of investment...whereas the second investment (under same folio) will have lock-in from ITS date of investment.....an example will clear the idea...

Assuming purchased under same folio.....
Rs. 10000/- 01-Jan-2005 (Inv. Dt) 01-Jan-2008 (Redemption Dt.)
Rs. 10000/- 01-Jan-2006 (Inv. Dt) 01-Jan-2009 (Redemption Dt.)

Folio Number doesnt matter......

I hope your doubts are clarified...if not you can call me on 09890412243

Have a ncie day

regards
JB

[Navneet_Joshi123]

Originally Posted by johnbest

dear navneet

investing in elss schemes, either as lumpsum or thru sip, both are tax free.
but the sips falling under the financial year will only consider......ie
if you start sip from Jan 07, say 1000 Rs/month, then only 3000 Rs. will get
into tax saving a/c.......

have a nice day
JB

Appereciate ur reply thanks

[vinay.patyal]

Which is the best ELSS to invest now..?

[vinay.patyal]

Pleae help me on this..at priority

[sanjugalande]

i think vinay u can wait little bit as market is its peak if u buy at current u get nav @ higher i also keep sum fund for elss to wait for correction
till march 15 '08

[shreyadr]

i wish to invest in MF's for the tax purpose ( reducing the tax burden )

pls. let me know
1) it is mentioned that dividend income is exempted but what abt. the original investment ?
2) all the MF investments will get rebate ? or only tax savers funds ?
3) if yes, how much investement is allowed ?
4) I heard that
a) tax saver schemes has a compulsory lockin period of 3 yrs. and
cannot be invested thru SIP...these schemes gets rebate.
b) while other schemes who can be invested thru SIP ...won't be
calculted for rebate purpose.

pls. guide me on this tax rebate as well tax exemption concept. as i need to invest before 20th Dec,07 and to provide my investment details to my office.