Choosing a good mutual fund is a tricky business, especially when many factors such as the your timing, the fund manager, his mandate, the investment style, the track record etc affect their performance. Even if you invest now there is no guarantee of getting a great return after the 3 yrs lock-in as per 80C.Well things have changed from last year in terms of stock market performance and it’s right time to review which tax saving or ELSS (Equity linked saving schemes) should we invest in. Its time to change our approach towards mutual funds investments.Earlier, I used to analyze ELSS based on performance over a 5 year and 3 Year time frame. Though we normally look at a Three year return for determining which fund to invest in for tax saving purposes, I would suggest that we give some weightage to 1 year return also this time around. Because, this year had a good mix interms of both sharp upside moves and sharp downside moves. we will have an idea of how the fund was able to withstand bouts of volatility.
Top Tax saving Mutual Fund Schemes:
1) Birla Sun Life Tax Relief 96
2) Principal Personal TaxSaver
3) SBI Magnum Tax gain
4) HDFC Tax Saver
5) Canara Robeco Equity Tax Saver
6) Fidelity Tax Advantage
7) DSP Blackrock Tax Saver
8) Kotak Tax Saver
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