ELSS is nothing but Equity Mutual Funds having tax benefit at time of investment but with lock-in period of 3 years. To start investment in equity by a new investor like Mutual fund . ELSS should be first choice in case investor hasn't taken complete income tax benefit under section 80c. See my earlier post on tax implications for more details. Returns provided and cost will be more or less similar to actively managed fund with benefit in terms of tax at maximum slab applicable at time of investment (max 33%).
Thus giving immediate returns / savings at the time of investment and returns at 10 to 15 % CAGR returns over period 10+ years. ELSS can be bought through fund houses directly or through financial advisor / mutual fund agents at cost of nominal advisory fees.
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