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Equity Linked Saving Scheme or ELSS is a type of mutual fund scheme that invests in equity markets and qualifies for tax savings under Section 80C of the Income Tax Act. Investments of up to Rs 1.5 lakhs done in ELSS Mutual Funds in a financial year are eligible for tax deduction u/s 80C. It translates into a tax saving of up to Rs 46,800 in a financial year. These funds also have the lock-in of just 3 years from the date of allotment of units, lowest amongst all the options available in Section 80C. Dual advantages of Tax-saving & potential for higher returns than traditional Tax-saving investments make ELSS a must have for every investor.