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Yes, you read that right. ELSS mutual funds are not only helpful in generating higher returns but are also helpful in saving taxes. Even the Long term capital gains that are realized from ELSS mutual funds a total of 10% taxes are imposed if the total capital gain is more than Rs 1 lakhs in the said year of withdrawal. What’s even better is that no capital gain tax is imposed if the total profit is lesser than Rs 1 lakh in a financial year.