Obtaining Proof Of Elss Mutual Fund Investments

ELSS (Equity-Linked Savings Scheme) funds are a type of mutual fund that offers tax benefits under Section 80C of the Income Tax Act, 1961. ELSS funds have a short lock-in period of three years and provide tax deductions of up to Rs. 1,50,000 per year, making them a popular choice for tax-saving investments. To claim these tax benefits, individuals must submit valid proof of their ELSS investments to their employer or while filing tax returns. This proof typically comes in the form of account statements from the fund house or depository participant, which can be obtained through offline or online channels, depending on the method of investment.

ELSS Proof for Offline Investment

If you have invested in an ELSS fund through an advisor or mutual fund distributor, you can contact them for your investment proof. After receiving your request, the advisor/distributor will inform the fund house, which will then send you the account statement to your registered address through the post. If you are a salaried employee, you can then submit this account statement to your employer for claiming the 80C deduction.

If you have invested in an ELSS fund through a Demat account, it will be the depository participant, not the fund house, that will send you the account statement. The depository will email you the account statements at regular intervals. You can also visit the official website of a repository, such as CAMS, and generate the account statement yourself.

ELSS Proof for Online Investment

If you have invested in ELSS on your own through an online portal or the official website of the fund house, you can easily generate your investment proof online. Most fund houses will regularly send you an account statement through email. These account statements can be considered legitimate investment proofs. However, it is important to note that the account statement must be printed on the official letterhead of your fund house. Therefore, the account statement that you can access by logging in to your mutual fund account might not be considered a valid proof. Account statements received through email are a better option.

If you have invested in an ELSS tax-saving fund through your Demat account, it will be the depository participant and not the fund house that will send you the account statement. The depository will email you the account statements at regular intervals. You can also visit the official website of a repository, such as CAMS, and generate the account statement yourself.

Alternatively, you can get your statements from your distributor. You can also get a consolidated email statement for all your mutual fund investments, including your ELSS funds, emailed to your inbox. This facility is jointly offered by all the Registrar and Transfer Agents (RTAs) for mutual funds. You simply need to enter your email ID and PAN.

ELSS Investment Through Demat Account

A Demat account is not strictly necessary to buy mutual funds, but it can be beneficial. A Demat account for mutual funds offers several advantages. With a Demat account, you can keep all your investments in one place. You can easily track and manage your money, making better investment decisions and reaping better returns.

Your account allows you to view all your mutual fund holdings across different schemes in one statement. Online Demat accounts provide great accessibility. You can conduct fast and seamless transactions compared to storing your investments physically. Demat accounts offer better security. Documents, certificates, etc., cannot be physically lost or damaged. The account also reduces the chances of becoming a victim of a scam or theft. The nominee feature allows you to transfer units to a specific person if you pass away.

The process of opening a Demat account is relatively easy and hassle-free. You need to select a depository participant, submit documents, and undergo verification. It is advisable to open one for investing, especially in shares.

If you’ve invested in an ELSS tax savers fund through your Demat account, it will be the depository participant and not the fund house that will send you the account statement. The depository will email you the account statements at regular intervals. You can also visit the official website of a repository and generate the account statement yourself.

Generating the ELSS statement from the app

• On the Homepage of the app, tap on the more options button at the bottom.
• Next, tap on 'Tax Saving Maximiser'.
• On the following page, select 'Get Proof' at the top.
• Then, select the respective financial year for which you require the statement.
• Finally, download or email the statement from the categories of tax-saving instruments.

Alternatively, you can access your ELSS statement by logging into your account on the official website of a repository like CAMS4 (Computer Age Management Services). Click on 'Investor Services' on the top menu, then on the 'Mailback Services' tab on the left side of the menu. After selecting 'Consolidated Account Statement – CAMS+Karvy+FTAMIL+SBFS', you will need to provide a valid email address and choose a password. The account statement will be sent to your registered email address.

It is important to note that if you have invested in an ELSS fund through an advisor or mutual fund distributor, you can contact them for your investment proof. The advisor/distributor will inform the fund house, which will then send the account statement to your registered address by post.

Account statements are typically sent to the recorded email address or can be accessed through smartphone apps. These statements are essential for keeping track of your investments and costs.

Getting a consolidated email statement for all mutual fund investments

To get a consolidated email statement for all mutual fund investments in India, you can use the National Securities Depository Limited (NSDL) Consolidated Account Statement (CAS) service. The NSDL CAS is a single statement that includes all your investments in the securities market, such as equity shares, mutual fund units, sovereign gold bonds, and corporate bonds. It offers convenience and helps you monitor your investment portfolio, including the value and composition of your investments.

Another option is to use the facility provided by the Computer Age Management Services Limited (CAMS) and KFin Technologies Ltd (KFintech). They have collaborated to offer mutual fund investors a consolidated account statement (CAS) that shows current holdings across all mutual funds. This e-CAS can be requested through a mail-back service and received electronically at your registered email address.

• CAMS: https://www.camsonline.com/Investors/Statements/Consolidated-Account-Statement
• KFintech: https://mfs.kfintech.com/investor/General/ConsolidatedAccountStatement

Additionally, you can view and download your mutual fund portfolio and CAS on the portal of MFCentral (https://www.mfcentral.com/), an online services hub launched jointly by KFintech and CAMS. This platform allows you to generate a 'Summary CAS' or a 'Detailed' CAS for a specific period, such as the current or previous financial year, or a custom period not exceeding 365 days.

To use the MFCentral portal, you will first need to register by signing up, creating a login, and setting a password. Then, you can choose the desired online service to view your consolidated account statement.

Frequently asked questions