Yesterday I told you about how you can save income tax on 1 Lac by investing Rs 90,000 in SBI Magnum Taxgain (D). Today you can use the same strategy by investing in HDFC Taxsaver (D) on or before 4th March 2010.
The best thing about HDFC Taxsaver (D) is it is the only Tax saver (ELSS) Fund that has given consistent dividend continuously for last 5 years in the month of February/March. You can read details about the same here.
HDFC Taxsaver (D) too has declared 60% dividend i.e. Rs 6 per unit and the record date is 4th March 2010.
As this is a good ELSS Fund and I have also recommended it in my previous posts. So people looking for Dividend Payout or Reinvestment option can invest in the fund before 4th March.
The dividend yield as on 2nd March NAV of Rs. 61.221 is around 9.8%.
As I have written in my previous posts to get tax benefit of Rs 1 Lac You need to invest around Rs. 91,100 if you choose Dividend Reinvestment option and Rs. 100,000 (in which you get back Rs. 9,800 within a month) if you choose Dividend Payout option on or before 4th March 2010. (Click on links to see how you can save more by investing less by choosing different options). The calculations are based on NAV of 2nd March (Rs. 61.221). The markets are volatile these days and investment amount would increase (in Dividend Reinvestment Option) as the NAV goes up (since the dividend yield decreases with rising NAV) and vice versa.
You may also want to see "How to invest in Mutual Funds" if you are a first time investor or looking for different channels to invest.
HAPPY TAX SAVING!
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