Are there any tax-saving advantages in NRI mutual funds?
—Ganesh Kothapalli
Equity-linked saving schemes (ELSS) allow tax saving under Section 80C of the Indian Income Tax Act. An investment of up to ₹1.50 lakh in ELSS can be claimed as deduction from taxable income in India. These tax-saving benefits are available to both Indian residents and NRIs. If you have taxable income from a house property or other sources in India, then investing in ELSS makes sense.