ELSS Mutual Fund Investment Deadline Tomorrow, Know Why It Happened

Section 80C: Investing in ELSS Mutual Funds can get you tax exemption under Section 80C of the old tax system. You can avail this in current financial year 2023-24 also. Your investment must be sold between April 1, 2023 and March 31, 2024. Thus, you can get tax exemption by investing till March 31. But, this time you have to hurry a bit as the last date to invest in ELSS mutual fund is tomorrow i.e. 28th March. Let us know why this change has happened in history.

There is a holiday from March 29 to 31.

Actually, this year Friday March 29 is a holiday due to Good Friday. Thereafter, due to the holiday of Saturday 30th March and Sunday 31st March, you should invest in ELSS mutual funds only till 28th March. After that, you may face problems due to not accounting for the investments made. However, this problem is only for those who are still in the old tax system. People who have adopted the new tax system need not worry about this.

Money will be transferred

No need to worry if you invest in ELSS (Equity Linked Savings Scheme) Mutual Fund Scheme through Mobile App or Internet Banking. Your amount will be deducted from your bank account and transferred to the mutual fund house’s bank account. Banks will remain open this Saturday, March 30. But, they are going to close on Friday. Stock markets will also remain closed from Friday to Sunday. Mutual fund houses will also be closed on these days, so you should invest only till March 28 to avoid any hassle.

Stock market closing will cause problems.

According to an Economic Times report, the transaction to issue units in ELSS mutual funds should take place when the stock market is open. But, this time it won’t be possible as the stock market will be closed from Friday to Sunday. The transaction will be completed when the market opens on April 1. But, it will be calculated in the next financial year. So, you have to invest carefully in ELSS mutual funds.

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