80c deduction: An ELSS funds or an equity-linked

An ELSS funds or an equity-linked savings scheme in mutual funds are the only kind of mutual funds which eligible for tax deductions under the provisions of Section 80C of the Income Tax Act, 1961. The principal paid on the home loan EMI for the year is allowed as a deduction under section 80C . The maximum amount that can be claimed under this section is up to Rs 1.5 lakh. The amount you invest qualifies for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. However, the interest earned is taxable and added to your income. Persons paying any sum/fees towards the education of their children can claim tax deduction under Section 80C , subject to the satisfaction of certain conditions, which have been enumerated below: