Hi All,
I want to invest in ELSS Mutual fund for tx benefit to a direct plan,
i want to invest 50,000 which would be lumpsome.
My query is if i invest through coin, would i need to give 50 per month
till the time i liquidate my MF which i assume would be atleast 3 yrs for ELSS.
and what other charges would i be incurred.
And could anyone also provide suggestion on MF to buy.
Since you are making a lump sum deposit of 50k and this exceeds the free investment limit of 25k on Coin, you will be charged a subscription fee of Rs.50/month.
There are no other charges incurred.
You can look at Reliance Tax Saver fund, Kotak TaxSaver, Birla SunLife Tax plan and tax saver funds of similar likes.
Thanks @Srinivas ,
I just need to ask if coin charges are untill you have MF in demat account or you are investing through coin,
isn’t there anyway , as i have already bought MF and it resides in my demat account. do i still need to pay for coin.
This makes sense for SIP, but for a lumpsum, i don’t get it. Could you please elaborated, why it is required.
I am just new to the whole MF investing.
Whether you are doing an SIP of 4000/month or investing 50k in one shot, your principle investment value on Coin still remains the same at the end of the year, right?
thanks for making it clear @Srinivas,
just one question though, i need to save 50K for year 2017-18 for tax saving,
so it would require me to have 50k in place in MF before March 18, either lumpsum or SIP, right?
Yes, you can save tax using ELSS funds under 80C up to an amount of 1.5lacs for any income earned in FY17-18.
Yeah, if you need to invest 50k for tax saving, then investing this 50k in an ELSS MF, either Lumpsum or SIP, before 31 Mar is exempt from tax.