Mutual Fund ELSS Schemes – A Comparison of various funds
Latest data shows that investment in ELSS schemes of various mutual funds have proved their mettle again though stock markets world over behaved turbulently from Jan-2008. As per the returns figures of ELSS schemes as on May 2008, 14 ELSS schemes have given more than 25% yearly returns for the past years. SBI Magnum Tax Gain Scheme 93 is topping the list with 37.17% yearly returns followed by Principal Tax Saving fund and Birla Tax relief 96 with 36.55% and 36.20 % yearly returns respectively.
Investments in Equity Linked Savings Schemes, popular mode of investment for tax planning purposes has increased over the period of years. Below is the comparison of some of the schemes. All investments in this category of mutual funds are eligible for tax rebates and have a lock in period of 3 years from the date of investment.