Dear Mr Sreekanth,
Hope you are doing fine.
I am an NRI want to invest in ELSS mutual funds to avail Tax benefit upto 1.5 lakhs under 80C. I have MF account with my SBI savings account & used to invest rarely in MFs. Please guide me whether I can invest upto 1.5 Lakhs in ELSS MFs & with this 1.5 Lakh investment in ELSS MFs, can I claim exemption under 80C while filing my returns. Also if possible please suggest me some good ELSS funds which give some good returns as there is a lock-in-period for these funds upto 3 years.
Thanks in advance.
Best Regards,
Rajanna K V
1 Answers
Dear Rajanna,
I am doing good, thank you, how about you?
Kindly note that NRIs are allowed to invest in tax saving ELSS mutual fund schemes. The tax benefit can be up to Rs 1.5 lakh u/s 80c.
But, due to FATCA compliance issues, some fund houses may not offer schemes for NRI investors (USA NRIs).
Kindly read :
- FATCA Compliance Requirements & Impact on Your Mutual Fund Investments
- Best ELSS Mutual Funds to invest in 2019 & beyond | Why to Pick ELSS Funds for Tax Saving?
- Mutual Funds Capital Gains Taxation Rules FY 2018-19 (AY 2019-20) | Capital Gains Tax Rates Chart
- Top Mutual Fund Schemes to invest in 2019 | Best Equity Funds for Long-Term
- Income Tax Deductions List FY 2018-19 | List of important Income Tax Exemptions for AY 2019-20
- List of all Popular Investment Options in India – Features & Snapshot
Please login or Register to submit your answer