Yes, partially. Up to Rs. 1.25 lakh of LTCG earned from equity-oriented mutual funds (including ELSS) is exempt from tax under Section 80C of the Income Tax Act.
Additional points to consider:
Short-term capital gains (held less than one year) from equity funds are taxed at your income tax slab rate.
Debt funds held for less than three years are treated as short-term capital gains and taxed as per your income tax slab rate.