UTI Long Term Equity Fund (Tax Saving) declares tax-free dividend

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UTINewZNew (Chandigarh) : UTI Long Term Equity Fund (Tax Saving) declares tax-free dividend of 25% (Re.2.50  per unit on face value of Rs.10) under dividend option-existing plan and 15% (Re.1.50  per unit on face value of Rs.10) under dividend option –direct plan. Pursuant to the payment of dividend, the NAV of the dividend option-existing plan and dividend option-direct plan of the scheme would fall to the extent of payout.

The record date for the dividend is January 25, 2016

All unit holders registered under the dividend option-existing plan and dividend option- direct plan of UTI Long Term Equity Fund (Tax Saving)  as on the record date will be eligible for this dividend. Also investors who join the dividend option-existing plan and dividend option-direct plan of the scheme on or before the cut off time of the record date will be eligible for the dividend.

The NAV of UTI Long Term Equity Fund (Tax Saving) on January 19, 2016 under dividend option-existing plan was Rs.19.2898  and under dividend option-direct plan was Rs.21.1510.

UTI Long Term Equity Fund (Tax Saving) was launched in December 1999 as an open-ended equity scheme.  The investment objective of the scheme is to invest in equities, fully convertible debentures/bonds and warrants of companies. Investment may also be made in issues of partly convertible debentures/bonds including those issued on rights basis subject to the condition that, as far as possible, the non-convertible portion of the debentures/bonds so acquired or subscribed shall be disinvested within a period of twelve months from their acquisition.

Investment made by individuals under UTI Long Term Equity Fund (Tax Saving) will qualify for deduction for the amount invested subject to a maximum of Rs.1,50,000/- under Section 80C of Income Tax Act, 1961 as per the prevailing tax laws.