Do mutual fund investments qualify for a tax deduction? - PowerPoint PPT Presentation

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Do mutual fund investments qualify for a tax deduction?

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Yes, mutual funds do qualify for a deduction under section 80C of the Income Tax Act. However you should be careful while purchasing a mutual fund if you intend to save taxes as well as earn money on investments. This is because only the Equity Linked savings schemes (ELSS) under mutual funds qualify for deductions from taxable income. These are the savings schemes that generally have a lock in period of 3 years. This means that these mutual fund instruments cannot be sold for 3 years from the date of purchase. – PowerPoint PPT presentation

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Title: Do mutual fund investments qualify for a tax deduction?


1
Mutual Funds
2
Mutual Funds
  • Do mutual fund investments qualify for a tax
    deduction?
  • Yes, mutual funds do qualify for a deduction
    under section 80C of the Income Tax Act.
  • However you should be careful while purchasing a
    mutual fund if you intend to save taxes as well
    as earn money on investments. This is because
    only the Equity Linked savings schemes (ELSS)
    under mutual funds qualify for deductions from
    taxable income.
  • These are the savings schemes that generally have
    a lock in period of 3 years. This means that
    these mutual fund instruments cannot be sold for
    3 years from the date of purchase.
  • In this case you can claim a deduction of Rs.
    1,50,000 under the 80C limit of deductions.

3
Mutual Funds
  • Example
  • If you invest Rs.100,000 in ELSS scheme for the
    financial year 2015 - 16 then you may claim this
    entire amount as a deduction u/s 80C as it is
    within Rs. 150,000.
  • In this case you just need to make sure that the
    scheme in which you invest qualifies for a
    deduction and is eligible to be claimed u/s 80C.
  • This can be known from either your tax advisor or
    from the investment advisor.
  • At HR Block we make sure that you claim only
    those deductions that you are eligible for and
    hence calculate an accurate tax liability.

4
Mutual Funds
  • Thank You..!!
  • For more info https//www.hrblock.in/
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