It's Time For Income Tax Declaration: Here Are 5 Long-Term Tax-Saving Investment Options

Every citizen can claim tax benefits, whether you are a young earner or an old retired pensioner. Here are 5 Long-Term Tax-Saving Investment Options For You. 1. Equity Linked Savings Scheme (ELSS) These funds are mostly created with an objective of investing for long-term growth & capital appreciation. ELSS enjoy tax benefits under 80C section with a limit of Rs.1.5 lakh per year. 2. Unit Linked Insurance Plan (ULIPS) ULIP is an insurance product that combines protection and investment by enabling the policyholder to earn market-linked returns by investing a portion of the premium money in various proportions in equity and debt markets. 3. Public Provident Fund (PPF) A PPF account can be opened by anyone. The lock-in period is 15 years. PPF enjoys the ‘EEE’ benefit where the invested amount and withdrawals on maturity are tax-free. 4. National Pension Schemes (NPS) Investors can avail additional tax benefit of Rs 50,000 under section 80CCD (1B) of I-T Act 1961. You can claim up to Rs.1.5 lakh under section 80CCD above which you can claim the additional benefit. 5. 5- year Fixed Deposit (FD) The invested amount in a 5-year bank FD is eligible for deduction under section 80C of the I-T Act for up to Rs.1.5 lakh. Read More: http://www.financialexpress.com/money...