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Last-minute tax savings: Why an ELSS works well for patient investors
Towards mid-March, some investors figure out that they are yet to complete their #tax-saving investments. You may also refer to MC30, a curated basket of mutual fund schemes. To build wealth using ELSS, one has to have a long-term view on equities and should hold on to the investments for five to seven years ignoring intermittent volatility.” Roshni Nayak, a #SEBI-registered investment advisor and founder of Goalbridge, is of the opinion that having only one ELSS in a portfolio is good enough. “ When you sell units of ELSS, you book long-term capital gains, which are taxed at the rate of 10 percent if they exceed Rs 1 lakh in a year. Extant rules prescribe that allotment of units happens only when your money reaches the mutual fund house. Source - Money Control
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