I am It salaried person. I want to save taxes as well as I want to use salary as asset to grow. How can I save money so I can get better returns in future. I have 2 ELSS 1) dspblackrock 2) axis I opened it 1.5 ye before both r not performing good
Answer 
Tax-saving is a crucial element in every salaried person’s life so, plan carefully your investment. Some of the investment that not only gives your growth and return of the stock market but also an exemption in your tax liability. Section 80C and 80D of Income Tax laws give a detailed information about tax-saving. Some of these are as follows:
Investment | Under Income tax law Section 80C | |
All these investment should be upto Rs.1.5 lakhs to get a claim a deduction of Rs. 1.5 lakhs
| 1 | Investment in Public Provident Fund (PPF) with lock-in period of 5 years |
2 | ELSS Funds with lock-in period 3 years | |
3 | Investment in National Savings Certificate with lock-in period of 5 years | |
4 | 5-Year Bank Fixed Deposit | |
5 | National Pension System (NPS) lock-in period is till retirement. | |
6 | Life Insurance Premium | |
7 | Home loan | |
Medical Insurance | Under Income tax law Section 80C | |
Can claim a deduction up to Rs. 25,000. Senior Citizens can can claim deduction upto Rs 50,000 | 1 | Premium of Medical Insurance |
As per the above segregation you can save upto Rs. 1.5 lakhs + Rs. 25000
You have already invested in ELSS funds and that’s a good option. Don’t panic at the current market scenario. It is a bearish market and so your both investment is not looking lucrative. I would suggest you to hold patience on these two funds till 1 or two years as 1.5 years is very less time, plus the bearish market will go and you might then your funds might perform well and then you can sell or redeem them.