I am an American citizen. As I have lived in India for more than 182 days, I have to file resident tax returns. Can I avail of Section 80C deduction of Rs 1.5 lakh by investing in ELSS funds?
Amit Maheshwari, Partner, Ashok Maheshwary and Associates replies: As per Section 80C of the Income-tax Act, 1961, any individual can claim deduction of the amount invested in equity linked saving schemes (ELSS) subject to the limit of Rs 1.5 lakh per financial year. Therefore, irrespective of the residential status, you are eligible for deduction under Section 80C by investing in ELSS.