Is Icici Prudential An ELSS?

A: ICICI Prudential Long Term Equity Fund (Tax Saving) belongs to the Equity: ELSS category of funds.

How do I know if my MF is ELSS?

An ELSS is a mutual fund class that offers tax deductions under Section 80C of the Income Tax Act, 1961. To check if a fund is an ELSS or not, you need to check for its details on the fund house’s website. If you are investing via a third party, the same information will also be available on their website.

What is ELSS funds Icici?

Equity Linked Saving Scheme or ELSS is a type of mutual fund scheme that invests in equity markets and qualifies for tax savings under section 80C of the Income Tax Act. Investments of up to Rs 1.5 lakhs done in ELSS Mutual Funds in a financial year are eligible for tax deduction u/s 80C.

Is Icici Prudential Bluechip fund tax saver?

Tax benefits of investing in ICICI Prudential Bluechip Fund Investors do not pay any tax on dividends received but a Dividend Distribution Tax (“DDT”) is deducted by the fund house at source.

Does ELSS come under 80C?

ELSS mutual funds are the only class of mutual funds that are covered under Section 80C of the Income Tax Act, 1961. By investing in an ELSS, you are entitled to claim a tax rebate of up to Rs 1,50,000 a year.

Does SIP come under ELSS?

ELSS is an investment vehicle in itself while SIP is not, it is instead a way of investing not only in ELSS but also in any other mutual fund. Therefore, ELSS cannot be compared with SIP as it’s not an apple to apple comparison.

How do I get ELSS funds?

How to invest in ELSS?

1. Step 1: Determine your Tax slab and taxable income. It’s really important that you have a clear idea about your taxable income and tax slab.
2. Step 2: Pick the best ELSS. Let’s know how to pick best ELSS funds.
3. Step 3: Invest in ELSS online.
4. Step 4: SIP or Lumpsum.
5. Step 5: Redemption of ELSS: