Top 3 tax planning mutual funds this week

Financial year is ending and everyone is scuttling to invest in mutual funds to take advantage of Income Tax Act Section 80C.

Under this provision, an individual can save up to Rs 1,50,000 per year if they invest in instruments like Provident Fund (PF) and mutual funds especially marked for tax saving.

Here are top 5 tax saving mutual funds this week:

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1. JM Tax Gain Fund - Direct Plan (Growth)

This mutual fund rose 1.96% this week and currently has an NAV of 13.21.

It's Crisil rank is 29. The mutual fund has given 5.23% returns in six months to-date period, 23.91% in the past year and 90.9% over the past three years.

2. IDFC Tax Saver (ELSS) Fund (Growth)

This mutual fund rose 1.76% this week and is ranked 13 by Crisil.

It has given nearly 93% returns in three years. Over the past one year, this mutual fund rose 21.21%.

3. Axis Long Term Equity Fund - Direct Plan (Growth)

This mutual fund has an asset size of Rs 10,409 crore. Although it has fallen 4.53% over the past three months, it has been one of the top performers this week witih 1.72% rise.

The fund has returned ovecr 94% growth in a three year period.

Disclaimer: This story is only for information and an investor must use their discretion before investing in mutual funds.