How many Lumpsum Deposit I’m Allowed to do in ELSS Mutual Funds in a year.??
Hey @maxonix_max! You can do as many lumpsum investments as you want. There are no restrictions on the number or amount of the lump sum that you can do in ELSS mutual funds. It is just that, from a tax-saving perspective under Sec 80C of ITC, you can save up to Rs 1,50,000 in a given financial year. Whatever you invest under 80C (up to 1.5 Lakh) gets deducted from your taxable income.
For e.g. if you have invested 1 lakh in ELSS and you have an income of Rs 10 lakhs. In this case, your taxable income will reduce by 1 lakh and the taxes will be applicable of Rs 9 lakhs.
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