Can OCI card holder invest in mutual funds in India?
Can OCI card holder invest in mutual funds in India?
Yes, Non Resident Indians (NRI) and Persons of Indian Origin (PIO) can invest in Indian Mutual Funds on a full repatriation as well as non-repatriation basis. However, NRIs would have to comply with all regulatory requirements such as completion of KYC before investing.
What are the tax benefits I can get while investing through mutual funds are there any special funds where I can invest to avail tax benefits?
An equity-linked savings scheme or ELSS is a mutual fund class that offers tax rebate under Section 80C of the Income Tax Act, 1961. You can claim tax deductions of up to Rs 1.5 lakh a year by investing in ELSS. ELSS mutual funds have the potential to offer the highest returns among all Section 80C investments.
Can Sip be shown for tax exemption?
SIPs can be one of the best tax saving instrument with high returns on your investments. You can claim a deduction of up to Rs. 1.5 lakh from your taxable income for investing in ELSS through SIPs under Section 80(C) of The Income Tax Act, 1961. With highest tax slab of 30\%, you can save up to Rs.
Can NRI invest in Canara Robeco Mutual Fund?
Yes, most of the Indian mutual fund houses have stopped accepting funds from US/Canada based NRIs. The fund houses that are still accepting applications from US/Canada based NRIs are: L, UTI, PPFAS, Sundaram, Canara Robeco .
Which mutual funds are tax free in India?
Top 10 Tax Saving Mutual Funds in India
| Funds | 1-Year Returns (\%) | 5-Year Returns |
|---|---|---|
| Aditya Birla Sun Life Tax Relief 96 Fund Growth | 19.3 | 23.5 |
| Aditya Birla Sun Life Tax Plan Growth | 18.9 | 22.6 |
| DSP BlackRock Tax Saver Fund Growth | 9 | 21 |
| Axis Long Term Equity Fund Growth | 18.1 | 24 |
Are all mutual funds ELSS?
An ELSS is also a mutual fund that offers tax deductions of up to Rs 1,50,000 a year under Section 80C of the Income Tax Act, 1961. ELSS mutual funds are the only class of mutual funds that are covered under Section 80C of the Income Tax Act, 1961.
Which ITR to file for mutual funds?
An individual having Capital Gain on sale of Equity is required to file ITR 2.
What is ELSS in mutual fund?
ELSS mutual funds are also referred to as the tax-saving mutual funds. The provisions of Section 80C of the Income Tax Act, 1961, allows you to claim tax deductions of up to Rs 1,50,000. ELSS is the best investment option under this Section.
Is ELSS and SIP same?
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.