Is Axis An ELSS mutual fund?

Axis Long Term Equity Direct Plan-Growth is a ELSS mutual fund scheme from Axis Mutual Fund.

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Is Axis ELSS a good fund?

Axis Long Term Fund is one of the toppers in the tax saving or ELSS category. However, the scheme has underperformed its benchmark in 2021. It is underperforming even in this year. For example, the scheme has given around 24% in 2011, compared to 31.69% returns offered by its benchmark and 31.92% by the category.

What is ELSS funds from Axis Bank?

Axis Long Term Equity Fund is a diversified equity linked saving scheme (ELSS) that invests in a mix of large caps and select midcaps. The fund has a 3-year lock-in which is one of the lowest amongst other tax saving instruments.

Which mutual fund is best ELSS?

Best ELSS Funds to Invest In 2022

Quant Tax Plan Direct-Growth.
BOI AXA Tax Advantage Direct-Growth.
Mirae Asset Tax Saver Fund Direct-Growth.
IDFC Tax Advantage (ELSS) Direct-Plan-Growth.

Is Axis ELSS tax free?

When you invest in Axis MF ELSS Funds, you become eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. In this, the amount invested by you gets deducted from your taxable income.

Is ELSS tax free?

Things to know about ELSS before you invest

The Long-Term Capital Gains on ELSS are tax-exempt up to Rs 1 lakh, and dividend received is tax-free in the hands of investors. You can continue to invest in this scheme even after the completion of the lock-in period of three years.

Are ELSS funds high risk?

Although ELSS funds have the highest potential to generate returns when compared with other tax-saving products, these returns come with an element of risk. This is because equity is considered to be a risky asset class exposed to volatility and market fluctuations.

Is ELSS taxable after 3 years?

Which bank is best for ELSS?

Best ELSS or tax saving mutual funds to invest in 2022:

Axis Long Term Equity Fund.
Canara Robeco Equity Tax Saver Fund.
Mirae Asset Tax Saver Fund.
Invesco India Tax Plan Fund.
DSP Tax Saver Fund.

How do I redeem my axis ELSS after 3 years?

Due to this mandatory lock-in of 3 years, you can only redeem your ELSS investments either partially or in full after the completion of the lock-in period. If you have made your ELSS Mutual Fund investment via the lump sum route, i.e., at one go, all your units will be allotted on the same day.

Can I withdraw ELSS after 3 years?

If you have made your ELSS Mutual Fund investment via the lump sum route, i.e., at one go, all your units will be allotted on the same day. And therefore, once the 3 year lock-in period is over, you can redeem your entire ELSS investment in one go.

Can I exit ELSS before 3 years?

Can ELSS be Withdrawn Within 3 years? The simple answer to this question is No. ELSS investments do not provide the option to withdraw the investment amount before the end of the 3-year lock-in period. In ELSS, investors are given fund units against their invested amount.

Can I have 2 ELSS funds?

You can definitely invest in more than one ELSS. The only thing to remember is that you can only save upto Rs 1.5 lakh under section 80C. If you are already saving 1.5 lakh, you can choose another equity scheme rather than going for another ELSS. Invest in ELSS only if you want to save taxes.

What are the disadvantages of ELSS?

What are the Disadvantages of ELSS Funds? High risk ELSS Funds: ELSS mutual funds have a huge exposure to equity markets. Equity related instruments are highly susceptible to market volatility. Hence, due to this ELSS mutual funds carry high risk.

Is ELSS income tax free?

What is better SIP or ELSS?

There is no difference between ELSS and SIP as such. ELSS funds have a lock-in period of at least three years. Meaning, you cannot withdraw your money for three years. If you invest in ELSS via SIP route, each investment will be locked in for a period of three years, from their respective investment date.

Can I withdraw ELSS anytime?

Is ELSS maturity tax free?

Is ELSS withdrawal taxable?

After the 3 year lock-in period, the investor has redeemed the ELSS at Rs 3 lakh where, as per the above criteria, Rs 1.5 lakh will be exempted from tax. Thus, taxable income after deduction of Rs 1.5 lakh from Rs 3 lakh equals Rs 1.5 lakh.

Which is better SIP or ELSS?

Is ELSS taxable on maturity?

ELSS is the name given to tax-saving mutual funds where the portfolio is mostly invested in equity funds or equity-related funds. It is also known as the tax-saving scheme as it offers an exemption of tax under Section 80C of the Income Tax Act.

Can I invest in ELSS every year?

In an ELSS fund, the lock-in period is applicable to every purchase. Hence, if you have opted for a SIP with a monthly frequency, then the investment made every month has a lock-in of three years starting from that month.

Is ELSS better than sip?

Can I hold ELSS after 3 years?

Aside from higher returns, equities mutual funds provide income tax exemption on investments up to Rs 1.5 lakh in a single fiscal year. It also enables an individual to invest through a SIP. However, because ELSS mutual funds have a three-year lock-in period, the investor must pay a 10% LTCG tax at maturity.

Can we pay ELSS monthly?

A monthly SIP in an ELSS fund ensures that you invest a portion of your earnings while avoiding paying taxes.

Is Axis An ELSS mutual fund?