Indiabulls Mutual Fund today announced the launch of their“Indiabulls Tax Savings Fund”, an open ended Equity Linked Savings Scheme (ELSS), which helps you to save tax now and earn capital appreciation in the future. The investments in Indiabulls Tax Savings Fund in a financial year are qualified for a deduction under Section 80C of the Income Tax Act, 1961, subject to the fulfillment of the relevant conditions.
The investment objective of the Indiabulls Tax Savings Fund is to generate income and long-term capital appreciation from a diversified portfolio of predominantly equity and equity-related Securities
“Digitisation of the economy and roll out of GST will ensure widening of tax base in the country. More people will invest in notified Sec 80 C investments like ELSS for tax rebates. The Indiabulls Tax Savings Fund is launched to help investors avail the dual benefits of Saving Tax as well as the Potential to Growtheir savings. Since the investments are made in equity and equity related securities, the returns post completion of the mandatory 3 year lock-in are tax free in the hands of the investors” said Mr. Akshay Gupta, Group Executive Head & CEO– Indiabulls Asset Management Company Limited.
About Indiabulls Asset Management Company Limited (IBAMC)
IBAMC,is the investment manager of Indiabulls Mutual Fund,which was launched in October 2011. As on March 31, 2017 IBAMC manages 10 mutual fund schemes (Debt – 7; Equity – 3) with quarterly average assets under management (AUM) of INR 10,819crore. The networth of the AMC currently stands at Rs. 112 crores. IBAMC also manages Rs. 1500 crore of AIF assets and has a separate registration for PMS offerings.
About Indiabulls Housing Finance Limited (IBHFL) – Sponsor of Indiabulls Mutual Fund
IBHFL is India’s 2nd largest Housing Finance Company. IBHFL has a balance sheet size of ₹ 1,06,611.8 Cr. and provides quick, convenient and competitively priced home loans in the affordable housing segment. IBHFL enjoys the highest long-term credit rating of AAA.