There are double benefits of investing in these ELSS funds; you will get great returns as well as saving tax
If you want to invest to reduce the tax burden in the financial year 2022-23, then investing in Tax Saving Mutual Fund ELSS (Equity Linked Savings Schemes) can prove to be a great option for you. One, under Section 80C of Income Tax, tax exemption is available on investment up to Rs 1.50 lakh. On the other hand, it also gives the highest return among all other tax saving schemes.
Tax saving mutual fund schemes has a lock-in period of only 3 years. While there is a lock-in period of 5 years in Senior Citizen Savings Scheme, 5 years in NSC and 15 years in Public Provident Fund, but after 6 years you can do Partial Withdrawal. According to an estimate, tax saving mutual fund ELSS has given an average annual return of 15 per cent to investors in the past years.
To save tax in 2022-23, we will likewise tell you about four tax saving mutual fund ELSS (Equity Linked Savings Schemes) in which there is scope for saving tax on investment as well as getting great returns.
Invesco India Tax Plan – Direct plan is also counted as the best tax fund. The fund has given a return of 19.17 per cent since its launch.
- Invesco India Tax Plan has given a return of 34.21 percent in 1 year.
- This fund has given a return of 21.49 per cent in 3 years.
- In 5 years, the fund has given a return of 19.93 percent to the investors.
- Its NAV (Net Asset Value) as on December 31 is Rs 95.97 per unit.
Canara Robeco Equity Tax Saver Fund – Canara Robeco Equity Tax Saver Fund is also counted in the top 5 Equity Linked Savings Scheme. The fund has given 17.23 per cent returns since its inception.
- Canara Robeco Equity Tax Saver Fund – Direct Plan has given a return of 36.81 percent in 1 year.
- This fund has given a return of 25.29 per cent in 3 years.
- In 5 years, the fund has given a return of 22.04 percent to the investors.
- Its NAV (Net Asset Value) as on 31st December is Rs 125.84 per unit.
Axis Long Term Equity Fund – This Tax Saver Equity Linked Savings Scheme of Axis Mutual Fund has given excellent returns of 20.63 percent to its investors since inception.
- Axis Long Term Equity Fund has given a return of 25.60 per cent in 1 year.
- This fund has given a return of 20.90 per cent in 3 years.
- In 5 years, the fund has given a return of 20.56 percent to the investors.
- Its NAV (Net Asset Value) as on December 31 is Rs 81.24 per unit.
Mirae Asset Tax Saver Fund Regular (Growth)– This tax saving scheme of Mirae Asset is considered to be the best Equity Linked Savings Schemes. In the last three years, this fund has given investors more than 22.63 per cent annual returns.
- Mirae Asset Tax Saver Fund has given a return of 37.15 percent in 1 year.
- This fund has given a return of 25.20 per cent in 3 years.
- In 5 years, the fund has given a return of 23.77 percent to the investors.
- Its NAV (Net Asset Value) as on December 31 is Rs 34.09 per unit.
