Investments in Equity Linked Saving Scheme of mutual funds, popularly known as ELSS, are eligible for an income tax deduction under Section 80C of the Income Tax Act, subject to a 3-year lock-in period. ELSS funds, also referred to as tax-saving funds, have the dual advantage of wealth creation as well as tax savings. An investor can claim a deduction of up to ₹1.50 lakh .
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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