In a recent official statement, the Canara Robeco Mutual Fund has declared that it is going to distribute an income of 30 per cent on its Canara Robeco Equity Tax Saver scheme very soon. The officials of the company have stated that the scheme is an open-ended equity that is linked to the saving scheme and the saving scheme is having a face value of Rs 10. The officials added that the investment objective of the scheme is to provide long-term capital appreciation by the predominantly investing in equities.
The company has informed all these things through the official statement and said that the investments in the scheme are, up to a limit of Rs 1 lakh and they are also exempted from the income tax. The statement said that the exemption came under Section 80C of the Income Tax Act and the company can make the repurchase of the units under the scheme, only after a lock-in period of three years from the date of allotment. The company further informed that the record date of the scheme has been fixed on 28th March and the NAV is set at Rs 18.06.
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| Posted : 3/28/2008 |
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