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Top performing ELSS funds for tax savings

Henil Shah
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Top performing ELSS funds for tax savings

Typically, investors seek an investment opportunity, which helps them in generating wealth and save taxes as well. Although there are various mutual fund schemes available in the market, returns on most of them are taxed according to Income Tax rules but as a set-off, do not offer any kind of tax deduction. This is where Equity Linked Saving Schemes (ELSS) steps in. ELSS are tax-saving equity mutual funds. Though, like other equity mutual funds, they are liable for capital gains tax but do offer tax deduction under section 80C of the Income Tax Act. In this article, we would list the five best-performing ELSS schemes. 

 

ELSS Schemes 

Fund Manager 

AUM
(in Rs cr) 

3-Year rolling returns (per cent) 

Sharpe ratio 

Mirae Asset Tax Saver Fund 

Neelesh Surana 

5,648 

14.15 

0.40 

Axis Long Term Equity Fund 

Jinesh Gopani 

25,508 

11.66 

0.37 

Canara Robeco Equity Tax Saver Fund 

Cheenu Gupta 

1,539 

11.20 

0.49 

Kotak Tax Saver Fund 

Harsha Upadhyaya 

1,540 

9.29 

0.30 

BOI AXA Tax Advantage Fund 

Aakash Manghani 

368 

9.14 

0.28 

 

The above are the top-performing ELSS funds. However, before investing in them, do look at your risk appetite. If your risk appetite is aggressive, then, by all means, exhaust the 80C limit by investing just in ELSS. However, if you are conservative, then invest not more than 30 per cent in ELSS. For the remaining 70 per cent, Public Provident Fund (PPF) still holds as a good long-term debt investment. Further, investors with moderate risk appetite can invest 50 per cent in PPF and 50 per cent in ELSS. Moreover, to know more about the funds and their expected two-year returns, click on their respective names. 

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