elss mutual funds for nri

Question 1

Can NRI invest in ELSS?

Accepted Answer

ELSS is a Unit Linked Insurance Plan which is not a restricted plan. An NRI is eligible to invest in, provided that the NRI updates their KYC prior to investing in the funds. Unlike Indian residents, NRIs might not be able to benefit from tax savings on this scheme in the same way.

Question 2

How do I start ELSS?

Accepted Answer

In order to start ELSS, you need to study first your taxable income and your tax slab so that you can decide which scheme suits you more, after that you can easily start it online be accessing the ELSS website and fill the details of your bank account and your desired ELSS Plan

Question 3

Is it worth investing in ELSS for an NRI?

Accepted Answer

Equity-linked saving schemes (ELSS) is eligible for a tax deduction under Section 80C of the Income Tax Act, 1961. An investor can claim an investment of up to ₹ 1.50 lakh as a deduction from taxable income in India.

This deduction is available to both Indian residents and NRIs. If an NRI has a taxable income from house property or other sources in India, then he/she can invest in ELSS and claim tax benefits.

Question 4

Can ELSS be stopped?

Accepted Answer

ELSS can be stopped in the same way you can stop any SIP according to specific terms. If you started ELSS online you can stop it in the same way by accessing the website and request to cancel your current ELSS plan.

Get started with investing today