Sept 21: Indiabulls Mutual Fund has announced the launch of their “Indiabulls Tax Savings Fund”, an open ended Equity Linked Savings Scheme (ELSS), which helps customers to save tax now and earn capital appreciation in the future. The investments in Indiabulls Tax Savings Fund in a financial year are qualified for a deduction under Section 80C of the Income Tax Act, 1961, subject to the fulfillment of the relevant conditions.
The investment objective of the Indiabulls Tax Savings Fund is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities
“Digitisation of the economy and roll out of GST will ensure widening of tax base in the country. More people will invest in notified Sec 80 C investments like ELSS for tax rebates. The Indiabulls Tax Savings Fund is launched to help investors avail the dual benefits of Saving Tax as well as the Potential to Growtheir savings. Since the investments are made in equity and equity related securities, the returns post completion of the mandatory 3 year lock-in are tax free in the hands of the investors,” said Akshay Gupta, Group Executive Head & CEO – Indiabulls Asset Management Company Ltd.