Question

Investment in funds like ELSS are admissible for deduction under section $80\text{C}$ of income tax.

• A. True
• B. False

Answer 1

The correct option is A True

Investments in Equity Linked Saving Schemes or ELSS qualify for tax deduction under Section $80C$ of the Income Tax Act. The maximum tax deduction allowed under Section $80C$ is Rs 1.5 lakh under Section $80C$.