Re-introduction of long term capital gains tax on equity mutual fund schemes has adversely hit last minute investments in Equity Linked Saving Schemes this tax-saving season, say some mutual fund advisors. “Many investors are calling to ask whether ELSS is tax-free or does ELSS still qualify as a tax-saving instrument. There are lesser last-moment investment calls due to this confusion,” says Puneet Oberoi, Founder, Excellent Investment Advisors.
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