MySIPonline, the leading mutual fund platform in India revealed the name of the most chosen ELSS fund at the end of FY18 and it’s none other than Aditya Birla Sun Life Tax Relief 96 Fund.
Indian investors recently bid adieu to FY18 and stepped in FY19. Although, the year has changed but the struggle to find the best tax saving investment scheme remained the same. Amidst the struggle, the tax saving fund of ABSL emerged as a life saviour for many investors who were looking for the best option that can help them in reducing their tax liability.

Under Section 80C of Income Tax Law, an investor can save up to Rs. 46,800* with an investment of Rs. 1.5 Lakh by investing in ELSS mutual funds. Moreover, among other instruments these funds have the lowest lock-in period which dragged the attention of many investors. MySIPonline, on the other hand witnessed a huge increment in the number of investors willing to park their cash in ABSL Tax Relief 96 Fund. The financial experts of the firm believes that the previous track record, asset allocation, and being sponsored by one of the most reputed AMC were some of the reasons that also played a major role in the popularity of this scheme.

Launched on 29th May, 1999 it is one of the oldest tax saving funds in India. The scheme has provided 24.32% of the returns since launch and the AUM is Rs. 8,599 Crore (as on 31st March, 2019) which is again a benchmark among the other top ELSS funds. “ABSL Tax Relief 96 Fund follows growth style of investment and keeps the inclination of assets more towards large cap companies. The fund manager, Mr. Ajay Garg diversify the assets in a large number of sectors with finance sector topping the charts followed by healthcare, services, FMCG, Energy, Engineering, etc.”, as told by a senior research analyst at MySIPonline.

The online mutual fund platform performs an in-depth analysis of the scheme before recommending it to the investors. Mr. Virendra Ranawat, the CEO of MySIPonline shared that the company was started with a vision to simplify the process of investment and the team strive very hard to do justice with the investors’ money. Same was the idea behind suggesting Aditya Birla Sun Life Tax Relief 96 Fund to the investors. Earlier, ELSS funds were considered mainly as a tax saving instrument but the annualized returns surged by such funds busted the misconceptions of many investors and urged them in pooling their cash in such funds.

Furthermore, according to the financial experts of MySIPonline, money in mutual funds grow through the power of compounding. Thus, an investor should always try to maintain a long term investment perspective for positive gains. ABSL Tax Relief 96 Fund is indeed a good tax saving option that cuts the taxes along with providing an extra perk of wealth creation.

For more details, visit: https://www.mysiponline.com/mutual-fund/birla-sun-life-tax-relief-96/mso846