by Gauranga Bhattacharya
U/s 80C of IT Act, investment UPTO Rs.l.00.000 is exempted which includes investment in ELSS. If ELSS is your ONLY investment, then that one lac would be exempted.
by Ashok Mazumder
If you are investing only in ELSS and ur company does not give you and PF component, then ur full amount will be exempted. Actually (PF Component Volunteer PF Public PF LIC FD's(Longterm) other long term investments) == 1Lacs; if sum of these investments is more than 1L then you will get exemption till 1L for rest amount u need to pay tax.
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