Multiple Choice Questions on Select the correct statement s regarding lsquo Equity Linked Saving Schemes rsquo ELSS 1 n........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Select the correct statement s regarding lsquo Equity Linked Saving Schemes rsquo ELSS 1 n...........

Economic Affairs Tax System
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    Select the correct statement(s) regarding ‘Equity Linked Saving Schemes’ (ELSS):

    1.    They are offered by mutual fund companies with a lock in period of 3 years

    2.    Investment up to a defined limit in ELSS is exempted from income tax under 80cc

    Codes:

    Only 1

    Incorrect Answer

    Only 2

    Incorrect Answer

    Both 1 & 2

    Correct Answer

    Neither 1 nor 2

    Incorrect Answer
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    Explanation:

    Both statements are correct. 

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