Question: are all elss tax free?
Answer: You may invest any amount you like in an Equity-Linked Savings Scheme. However, investments only up to Rs 1,50,000 a year are tax-exempt under Section 80C of Income Tax Act, 1961. ... The Long-Term Capital Gains on ELSS are tax-exempt up to Rs 1 lakh, and dividend received is tax-free in the hands of investors.