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Ask Us Redemption of ELSS money if investor dies before lock in period

Redemption of ELSS money if investor dies before lock in period

If the investor dies before the lock in period, the nominee can redeem from ELSS only after the completion of one year from the date of allotment of units to the assesse.
Team Cafemutual Aug 5, 2013

If the investor dies before the lock in period, the nominee can redeem from ELSS only after the completion of one year from the date of allotment of units to the assesse.

Colonel Arun Gupta (Retd.)

What happens if the investor in ELSS dies before the lock in period? Can the nominee redeem investments before the three-year lock in period?

Dear Col Gupta,

Thanks for writing to us.

According to the income tax rules if the investor dies before the lock in period, the nominee or legal heir can withdraw the investment only after the completion of one year from the date of allotment of the units.


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