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of <h1>HUF or individual can claim deduction up to Rs 10,000 for ELSS units; repurchase returns taxed as income</h1> An individual or a Hindu undivided family investing, out of taxable income, in units of specified mutual funds or the Unit Trust of India under a government-specified Equity Linked Savings Scheme could claim a deduction up to Rs.10,000 in the previous year for such investment; investments made on or after 1 April 1992 are excluded. If units for which a deduction was claimed are repurchased or the plan terminated and amounts returned, those amounts are taxable as income in the year of receipt. Following partition of an HUF or dissolution of an association after a deduction, returned amounts are treated as income of the person who receives them.
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