How to Get Proof for ELSS Tax Saving Investment?

Under Section 80C of the IT Act, ELSS funds are eligible for a tax deduction of up to Rs. 1.5 lakhs. But just like all the other investments that are eligible for 80C benefit, taxpayers should submit a valid proof of their ELSS investment to take advantage of the deduction. Take a look at how you can get ELSS mutual fund investment proof-

If you have invested in an ELSS fund through an advisor or mutual fund distributor, you can contact them for your investment proof. After receiving your request, the advisor/distributor will then inform the same to the fund house, which will then send you the account statement to the registered address through post.If you are a salaried employee, you can then submit this account statement to your employer for claiming 80C deduction.

If you have invested in ELSS on your own through an online portal or official website of the fund house, you can easily generate the investment proof online. Most fund houses regularly send you the account statement through email. These account statements could be considered legitimate investment proofs.Note that the account statement must be printed on the official letter-head of your fund house. So, the account statement that you can access by logging in to your mutual fund account might not be considered a valid proof as it is generally not printed on the letter-head of the fund house. Account statements received through email are a better option.

If you’ve invested in an ELSS tax savers fund through your Demat account, it will be the depository participant and not the fund house that will send you the account statement. The depository will email you the account statements at regular intervals.You can also visit the official website of a repository like CAMS and generate the account statement on your own.

Higher long-term returns potential, shorter lock-in, and SIP option are some of the top reasons that make ELSS mutual funds one of the best 80C eligible investments. If you are yet to claim the entire Rs. 1.5 lakh deduction under Section 80C, do consider one of the top ELSS funds not just to save taxes but also to get closer to your long-term financial goals.Consider factors such as your investment tenure, risk appetite, and reputation of the fund house to select ELSS that could deliver expected benefits in the most hassle-free manner.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.