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ELSS is an Equity Linked Savings Scheme, which is an investment product that provides a deduction of up to Rs.1.5 lacs from an individual's or HUF's total income under Sec 80C of the Income Tax Act 1961. The investor would benefit from this if he or she invested Rs. 50,000 in an ELSS. This amount would be deducted from their total taxable income and this would reduce their tax burdens.