ELSS Equity Linked Savings Schemes. Introduced in 1990 under the now – repealed Section 88CCB of the Income Tax Act, the scheme is now embraced by Section 80 of the same Act. The duration of such a scheme is ten years, and nay gains made under the scheme will be treated as long – term capital gains. The original investment, up to Rs 10,000 will be added to the investor’s income in the year of receipt. These schemes are run by the Unit Trust of India, LIC, and various banks.
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