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SBI Magnum Taxgain Scheme – an equity linked savings scheme (ELSS) - is a tax saving tool as per the current tax laws.
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The fund aims to provide investors with the benefit of investing in a portfolio of equity shares, while offering deduction on such investments made in the scheme under section 80C of the Income Tax Act, 1961.
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The fund invests a minimum of 80% of its assets in equity, cumulative convertible preference shares, fully convertible debentures, bonds etc.
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It can invest up to 20% of its assets in money market instruments
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Investments in the scheme are subject to a statutory lock-in of 3 years from the date of allotment.
You can save up to Rs.46,800* under section 80C
*Rs. 46,800 is the maximum tax amount that can be saved on an investment of Rs. 1,50,000 under Section 80C of the Income Tax Act, 1961 for tax payers in the 30% tax-slab. The amount varies according to the tax-slab of the tax payer